Peter Fitzgerald
“In April, following a manager review we sold our holdings in the Invesco Perpetual High Income Fund. While we have a lot of respect for the manager, we believe the number of mandates and assets is simply too large. The manager is responsible for some 19 billion GBP across numerous mandates and retail funds. In addition to this, we were looking to reduce our allocation to UK equities. We believe the outlook for the UK economy is negative (high debt levels, falling house prices, high dependence on financial services) and that better opportunities exist elsewhere.”
AMOUNT (E) FUND 12,500 ARS - Directional Managers 12,500 ARS - Market Neutral 10,000 ABN AMRO Europe Bond 10,000 Pimco Total Return 7,000 AXA-Rosenberg US Equity Alpha 7,000 IdB Equity Income 7,000 Wellington US Research 5,000 Advent Global Convertibles Securities Strategy 5,000 IdB Alchemy N.V. 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 2,000 SIM Global Best Ideas 2,000 Cash
