David Bulteel
“Equities finally succumbed to rising oil prices and interest rates, prompting profit-taking in markets which had become complacent. Inflation risk appears modest rather than extreme. If true, interest rates are unlikely to rise significantly further, allowing economic growth to continue at comfortable levels. Equity valuations and merger activity remain supportive but further consolidation is likely. There is no obvious catalyst in the economic data or consensus forecasts to warrant major changes in the asset allocation.”
Amount (E) Fund
15,000 Baring Global Bond Fund
15,000 Fidelity Funds European Bond Fund
11,000 Artemis European Growth Fund
11,000 Fidelity European Equity Fund
11,000 Gartmore Continental European Equity
6,000 JPMorgan European Fledgeling Investment Trust
5,000 Polar Capital Japan Fund
5,000 Dexion Absolute Fund of Hedge Funds
4,000 Legg Mason Value Fund (US equities)
4,000 Thames River Global Bond Fund
3,000 European Asset Value Fund (European Property)
3,000 Lazard UK Alpha Fund
2,000 Findlay Park US Smaller Companies Fund
2,000 UBS US Equity
1,500 Aberdeen Far East Emerging Markets Fund
1,500 Morgan Stanley Emerging Markets Fund
