Bernard Aybran

“Once more we have left our equity/fixed income balance unchanged. However, within each asset class, we are starting to take profits on some of the major winning themes of 2003 in order to build new positions. In equities, we are taking profits on the US funds to start an investment in healthcare. In the fixed income area, we are slightly reducing our high yield exposure which has been performing so well for the last 18 months.”

Amount (E) - Fund

20,000 - MultiAlternatif Equilibre (fund of hedge funds)

7000 - Fidelity South East Asia (Asia X Japan Equity)

5000 - Goldman Sachs Global High Yield (high yield $)

5000 - Socgen International (global equity)

5000 - Saint Honoré Vie et Sante (consumer non cyclical)

5000 - Agressor (French equity)

5000 - Saint Honoré Euro Opportunites (Europe equity)

5000 - Centifolia (French equity)

5000 - ML Focused Value (US equity)

5000 - Franklin Mutual European Equity (Europe equity)

5000 - Callander Assets (US Small Caps)

4000 - Centrale Croissance Europe (Europe small caps)

4000 - Polar Japan Fund (Japan equity)

4000 - Fortis Convertibles Europe (European convertibles)

3000 - Saint-Honoré Signatures + (high yield EUR)

3000 - Legg Mason US Small Caps (US small caps)

3000 - Legg Mason Value (US equity)

3000 - Wellington Global Health Care (global health care)

2000 - Elan Convertibles Europe (European convertibles)

2000 - ML World Mining (commodities)