Pierre Bonart

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From Fund Selection 01 May 2006

By PWM Editor

“There were no major changes over the month, as we believe our recommended portfolio allocation remains well-suited to market conditions. Our 60 per cent equity positioning reflects our positive stance on equities. Ten per cent of our equity exposure is invested in mining and energy stocks, for diversification and return enhancements. We have also benefited from low exposure to fixed income products and increased exposure to convertible bonds.”

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