David Bulteel
“May was a better month for the portfolio with all holdings (bar the Fidelity Bond Fund) ending the month in positive territory, as measured in Euro terms. The stand-out performer was the small cap orientated Atlantis Japan fund which rose by around 15 per cent. This does however need to be viewed in the context of an awful second half of 2007 and beginning of 2008. Nevertheless Japan, for us, remains an interesting contrarian play, given that many foreign investors have thrown in the towel. If anything the GDP numbers look relatively resilient to the Western world plus company valuations do look overly challenging.”
AMOUNT (E) FUND 15,000 Fidelity European Bond Fund 15,000 Thames River Euro Global Bond Fund 10,000 Artemis European Growth Fund 10,000 Fidelity European Equity Fund 10,000 Gartmore Continental European Equity 8,000 Schroder European Alpha Plus 5,000 Dexion Absolute Fund of Hedge Funds 5,000 Threadneedle Euro High Yield Bond Fund 3,500 Polar Capital Japan Fund 3,000 European Asset Value Fund 3,000 Merrill Lynch US Flexible Equity Fund 3,000 Schroder UK Alpha Plus 3,000 UBS US Equity Fund 2,000 Findlay Park US Smaller Cos 1,500 Atlantis Japan Growth Fund 1,500 JP Morgan Emerging Markets Equity Fund 1,500 Threadneedle Asia Fund
