Bernard Aybran

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From Fund Selection 01 July 2007

By PWM Editor

“Our balanced portfolio remained basically unchanged, except for a slight decrease of the French equity weight in favour of the pan-European equity. A new holding in European equity was added during May: JOHCM Europe Select Value, a continental Europe portfolio, managed in a pretty conservative way by a very experienced fund manager. We do not expect any dramatic change in the portfolio, except maybe some more aggressive bias at some point, if emerging markets were to experience a significant setback.”

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