David Bulteel
“The signs are encouraging that the spike in energy prices has served to mute the amplitude of the US economic cycle rather than end it prematurely. Crucially, employment trends and business confidence have remained solid, even as consumption has softened. Assuming that oil prices stabilise below $45 [e34] and that exchange rate adjustments are not too disruptive, we expect respectable (3 per cent plus) global growth in 2005.”
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
