Graham Duce

“After enduring a period of risk aversion over which the MSCI World Index fell 16 per cent in US dollar terms from mid April to early June, we have decided to increase the directionality within the portfolio. European equity bourses have been the worst performing markets in the developed region in 2010, an area where we have been significantly underweight. In light of this retreat, we have invested in the Cazenove European Fund. We consider this fund to be a more conservative offering which makes it an ideal core component of our European content. We have funded this by disposing of the RWC US Absolute Fund.”