David Bulteel

“In the US, the fourth quarter reporting season went without a hitch, with most companies reporting in line with expectations. Where there were surprises, they were, in the main, positive. Against this background, we recommend an overweight equity, underweight fixed interest strategy and this is reflected in our portfolio. There are no changes recommended to the individual funds at this stage.”

Amount (E) - Fund

14,500 - Fidelity Funds European Bond Fund

12,500 - Gartmore CSF European Bond

11,675 - Gartmore CSF Continental Europe (large cap)

11,675 - Investec GSF Continental European Equity

11,650 - Henderson Horizon Continental European Equity

10,000 - Baring European Bond Fund

9400 - Cash

5375 - Credit Suisse USA Equity

5375 - GAM Star American Focus (equity)

3200 - Lazard UK Equity

2650 - Mellon Newton Asian Equity Portfolio

2000 - Martin Currie Japan Fund (equity)