David Bulteel

“The ‘quick’ resolution to the Iraq war has calmed investors, who are now concentrating more on economic basics. The equity section of the portfolio is fully invested but we still remain cautious with regard to the bond market. We continue to hold 50 per cent of the bond section in cash. Specifically, we are monitoring the fortunes of the Investec European Fund. It outperformed its benchmark by approximately 3 per cent last month.”

Amount (E) - Fund 25,000 - Cash 12,500 - Fidelity Funds European Bond Fund 12,500 - Gartmore CSF European Bond 11,675 - Gartmore CSF Continental Europe (small cap) 11,650 - Henderson Horizon Continental European Equity 11,675 - Investec GSF Continental European (equity) 5375 - Credit Suisse USA Equity 5375 - GAM Star American Focus (equity) 1600 - Lazard UK Equity 1325 - Martin Currie Japan Fund (equity) 1325 - Mellon Newton Asian Equity Portfolio