Robert Burdett

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From Fund Selection 01 September 2004

By PWM Editor

“July brought more difficult conditions for investors with most markets losing ground - the UK being the safe haven in euro terms. The worst hit was Japan due to yen issues and worries over small caps and domestic growth. This month we take the opportunity to increase our exposure to Continental Europe as valuations look better in the short term against a more stable interest rate outlook for the EU.”

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