Bernard Aybran

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From Fund Selection 01 September 2006

By PWM Editor

“For the first time in quite a long time, the equity weighting of the balanced portfolio has been reduced to less than 50 per cent (44 per cent), by closing the holdings in Japan and Russian stocks. The proceeds have been mainly kept safe in money markets. The sell-off, which began in the second week of May, left no place to hide but cash. Going forward, we will look to put aside some more money in order to end the summer in a relatively safe investment profile.”

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Bernard Aybran

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