Robert Burdett

“After the breadth of returns witnessed in almost all assets riskier than cash, June has seen more selective returns and differentiation between markets, asset classes and sectors so far. We retain our equity overweight bias, but will be paying extra close attention to the results of and reactions to the Q2 reporting season. Shifts in the portfolio include adding to Polar Japan at the expense of the US. We’ve also switched more towards higher yield.” Amount (E) - Fund 14,000 - Baring High Yield Bond (high yield debt) 13,000 - Investec Select Global Bond (blend quality corporate) 10,000 - CS Bond Euro (Euro quality debt) 10,000 - Mellon UG Global Bond (global macro bonds) 10,000 - Merrill Lynch EuroMarkets (fund’l quality pan-European equity) 10,000 - Schroder ISF E’pean Alpha (E’pean ex-UK GARP conc. equity) 7000 - Lazard UK Equity (UK core active) 6000 - Legg Mason Strategic Value (US large cap value) 6000 - Polar Capital Japan (Garp equity) 5000 - BDT Invest Asia (Asia equity absolute style) 4000 - Thames River Global Emerging Markets (pragmatic emg equity) 3000 - Nordea A’can Value (US mid and small cap value total return) 2000 - GAM Star America Focus (US large cap blend)