David Bulteel
David Bulteel, head of international portfolio management, “Bond yields continued to plummet while most equity markets rallied well. Financial markets remain prone to mood swings, from inflation scares to growth scares, with occasional worries about stagflation. A similar pattern occurred in 2004, leading to good equity gains as companies beat profit and dividend forecasts. This will be harder in 2005, with rising US interest rates and higher oil prices. Long bonds look unattractive; but we remain positive on equities.”
Amount (E) Fund
16,575 Gartmore CSF Continental Europe (large cap)
14,500 Fidelity Funds European Bond Fund
12,500 Gartmore CSF European Bond
11,675 Investec GSF Continental European Equity
11,650 Henderson Horizon Continental European Equity
10,000 Baring European Bond Fund
5375 Credit Suisse USA Equity
5375 GAM Star American Focus (equity)
3200 Lazard UK Equity
2650 Mellon Newton Asian Equity Portfolio
2500 Findlay Park US Smaller Companies
2000 Martin Currie Japan Fund (equity)
2000 Cash
