David Bulteel

“There is considerable momentum behind the US recovery and a similar bounce in confidence in Europe and Japan. 2004 may see a synchronised global recovery, which is less vulnerable to setbacks in individual regions. This is not fully discounted by financial markets where scepticism remains widespread. Further surprises should mean better corporate earnings, allowing equities to rise further while bond markets will fret about higher inflation and interest rates.”

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)