Robert Burdett

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From Fund Selection 01 June 2006

By PWM Editor

Another peculiar month in April with risk rewarded in the emerging markets, but not in other high beta areas such as Japan small-cap and technology shares, which benefited those with a balanced portfolio. Bonds also suffered, except for target return funds where we have an allocation. Within their peer groups our selections generally performed well and no changes have been made this month to asset allocation or fund selection.”

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