Peter Fitzgerald
“Capital preservation is key in the current market, where volatility is a euphemism for losing money. If you fail to preserve capital, the eventual recovery is irrelevant as you will have simply lost too much. Convertibles disappointed but this asset class now appears to offer good value with some issues trading below the straight bond. Odey did particularly well in Europe and our fixed income managers managed to make some money. Schroder Tokyo also performed relatively well. We have a defensive positioning and are in no rush to change.”
AMOUNT (E) FUND
15,000 Cash
12,500 ARS - Directional Managers
12,500 ARS - Market Neutral
10,000 MM European Bond
10,000 Pimco Total Return
7,000 AXA-Rosenberg US Equity Alpha
7,000 Wellington US Research
6,000 IdB Equity Income
5,000 IdB Real Estate Equity
4,000 First State Asia Pacific Leaders
4,000 Nevsky Emerging Markets
4,000 Odey Pan European
3,000 Schroder Tokyo
