Michael Richter

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From Fund Selection 01 May 2005

By PWM Editor

“The last few weeks were very tough for the markets due to sharply rising oil prices and a change in the US Federal Reserve’s tone on interest rates. The effects were felt acutely in emerging market equities and in the entire bonds sector. Recent dramatic market corrections are in our view only temporary, as is the latest advance of the dollar against the euro. Therefore we remain confident with our current portfolio and do not see any need to make changes

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