Robert Burdett

“It was generally a good month for active equity managers as the rally continued to broaden out to medium and smaller companies. Recent additions to BDT Asia and CS Bond Euro paid off this month, with only the $ exposure of Baring High Yield holding things back a little. We feel comfortable with our portfolio and choose to take no action to current weightings or holdings. To confirm, we do not use alternatives – this service is provided by another part of the CS Group.” Amount (E) - Fund 13,000 - Investec Select Global Bond (blend quality corporates) 12,000 - CS Bond Euro (quality debt) 12,000 - Mellon UG Global Bond (global macro bonds) 10,000 - Baring High Yield Bond (high yield debt) 10,000 - Merrill Lynch EuroMarkets (fundamental quality equity) 10,000 - Schroder ISF European Alpha (European ex-UK Garp conc. eq.) 7000 - Lazard UK Equity (UK core active) 6000 - Legg Mason Strategic Value (US large cap value) 5000 - BDT Invest Asia (equity absolute style) 4000 - GAM Star America Focus (US large cap blend) 4000 - Polar Capital Japan (Japanese Garp equity) 4000 - Thames River Global Emerging Markets 3000 - Nordea American Value (US eq. mid & small cap value tot. ret.)