Michael Richter

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From Fund Selection 01 June 2005

By PWM Editor

“We have slightly reduced our exposure to equity markets by cutting the Fidelity European Growth and the Nordea North American Value funds. In the bond sector we reduced our exposure to credit by taking profits from the Aberdeen Sovereign High Yield Bond Fund and the Invesco Extra Income Bond Fund. We then invested in the Spaengler Cash Trust, the Henderson European Equity Market Neutral Fund and the Dexia Credit Arbitrage in order to diversify risk.”

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