Georges Wolff

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From Fund Selection 01 March 2009

By PWM Editor

“We decided to redeem our position in the GAM Star Japan Equity. This change is not due to any specific issue with the fund. We initiated that trade in order to reduce our exposure to the Japanese market. For the time being we are comfortable with the Japan equity exposure that we have in our portfolio via our investment in the global equity funds. The proceeds of the sale have been invested in JPMorgan – Highbridge Statistical Market Neutral. This should offer more de-correlation in this uncertain market environment.”

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Georges Wolff

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