David Bulteel
“March was a better month for portfolio constituents overall, as investors, broadly speaking, became a little less risk averse. Therefore it was not a surprise to see such funds as the JPM Emerging Markets leading the way. Another notable performer was the Schroder UK Alpha Plus. Manager Richard Buxton has been happy to continue dabbling in the financial and resource sectors, despite the downturn. The major detractor was our hedge fund of funds, Dexion Absolute IT. This fund is struggling with its price discount to net asset value but there is a certain amount of pressure on the board to resolve matters.”
AMOUNT () FUND
15,000 Fidelity European Bond Fund (European fixed int)
15,000 Gartmore Continental European Equity (European ex UK equity)
15,000 Thames River Euro Global Bond Fund (global fixed int)
13,000 Schroder European Alpha Plus (European ex UK equity)
10,000 Fidelity European Equity Fund (European ex UK equity)
5,000 Dexion Absolute Fund of Hedge Funds
5,000 Findlay Park American Smaller Cos (US small cap)
5,000 Polar Capital Japan Fund (Japan)
5,000 Threadneedle Euro High Yield Bond Fund (high yield bonds)
3,000 Blackrock US Flexible Equity Fund (US equities)
3,000 Schroder UK Alpha Plus (UK equities)
3,000 UBS US Equity Fund (US equities)
1,500 JP Morgan Emerging Markets Equity Fund (global emerging)
1,500 Threadneedle Asia Fund (Asia ex Japan)
