Michael Richter

“Our last scale back in equities paid off as stock markets declined sharply in October. As we see as equities much more attractive than bonds, we sold the American Express Global High Yield Euro fund and increased the broadly diversified Magna Global Emerging Markets Equity fund. We switched the Henderson HF Global Property fund into Henderson HF Asian Property fund, which will reap the benefits of the real-estate prices in Asia. We also raised our Japan exposure through the M&G Global Leaders fund.”