Michael Richter

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From Fund Selection 01 July 2004

By PWM Editor

“Recent weeks were dominated by high volatility on equity, bond and currency markets. As a result we replaced the DWS Vermoegens-bildungsfonds I with the more convincing M&G Global Leaders fund, which we expect to further outperform the MSCI World Index as well as the DWS fund. We reduced the Fidelity European Growth fund in favour of the American Express European Small & Mid Cap fund.”

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