Peter Fitzgerald
“In March we sold our holdings in the Schroder Agriculture Fund. This fund may continue to appreciate but the story of bio fuels and food price increases appears now to be so well known that one could argue that much of this is already priced in. We may have sold early but a 30 per cent return in this environment over 5 months is one we decided to book. The IdB Equity Income Fund, given its defensive nature and ability to hedge, has performed well, but we have been disappointed by the Invesco Perpetual High Income Fund, which has underperformed the market so far this year by 3 per cent, despite the manager’s bearish economic outlook.”
AMOUNT (E) FUND
12,500 ARS - Market Neutral
12,500 ARS - Directional Managers
10,000 ABN AMRO Europe Bond
10,000 Pimco Total Return
7,000 IdB Equity Income
6,000 AXA-Rosenberg US Equity Alpha
5,000 Advent Global Convertibles Securities Strategy
5,000 IdB Alchemy N.V.
5,000 IdB Real Estate Equity
6,000 Wellington US Research
4,000 Nevsky Emerging Markets
4,000 First State Asia Pacific Leaders
4,000 Odey Pan European
3,000 Schroder Tokyo
2,000 Invesco Perpetual High Income
2,000 SIM Global Best Ideas
2,000 Schroder Agriculture
