Robert Burdett

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From Fund Selection 01 September 2006

By PWM Editor

“Markets were back in positive territory in July, with some signs of possible new leadership in markets. We are making changes. In the US, we think large cap will continue to power ahead, and we increase the pragmatic Merrill Lynch fund weighting, offsetting it with a small new position in Findlay Park US Smaller Companies. In Asia we move to a more fundamental approach. Within the bond element we had a good month, but have taken the opportunity to switch Baring high Yield for the less aggressive Thames River High Income fund.”

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