David Bulteel

“We believe that the US employment outlook is better than reports suggest and that the US consumer will shrug off the threat of terrorism. However, the rising oil price is of more concern. Bond yields have fallen further and look expensive while the outlook for equities is supportive.

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