David Bulteel
“Bonds and equities moved in opposite directions over the last month – the former showing renewed concern about interest rates and the oil price, while good earnings news boosted the latter. Cash flows have improved sharply, reaching investors by way of dividends, share buybacks and, increasingly, corporate activity. Most equity markets look reasonably rated with upside potential if earnings continue to rise in 2005. Japan, Far East and emerging markets remain our preferred areas.”
Amount (E) Fund
16,575 Gartmore CSF Continental Europe (large cap)
14,500 Fidelity Funds European Bond Fund
12,500 Gartmore CSF European Bond
11,675 Investec GSF Continental European Equity
11,650 Henderson Horizon Continental European Equity
10,000 Baring European Bond Fund
5375 Credit Suisse USA Equity
5375 GAM Star American Focus (equity)
3200 Lazard UK Equity
2650 Mellon Newton Asian Equity Portfolio
2500 Findlay Park US Smaller Companies
2000 Martin Currie Japan Fund (equity)
2000 Cash
