Bernard Aybran

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From Fund Selection 01 November 2006

By PWM Editor

“Markets conditions have not really changed, except for an improvement in the appetite investors have for risk. This has led most of the major markets to new highs, and notably to an all time high for the Dow Jones Industrials. We have increased our exposure to US large caps via a Merrill Lynch fund, as well as to European large caps, yielding above average dividends, via funds managed by Ecofi and Edmond de Rothschild AM. Going forward, large, high quality companies should keep on being a major part of the equity portfolio.”

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Bernard Aybran

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