Graham Duce
“Last month’s sale out of the Leveraged Loans proved to be very timely as the sector was hit from a wave of redemptions for Icelandic institutions. While this forced selling has presented an opportunity in the sector, it is not the only area to be hit by investors deleveraging. This month saw the Japanese market falling to a 26 year low and we believe this offers investors an interesting opportunity to access both well run companies but conservatively managed banks. With this in mind we have used some of the portfolios cash to increase our Japan weight via new holding SocGen Japan Core Alpha which is ideally positioned to benefit in any recovery”
AMOUNT (E) FUND
19,000 Thames River Global Bond EUR (global sovereign fixed)
10,000 BlueBay Investment Grade (European corporate)
10,000 Mainfirst Avant Garde (pan-euro equity)
10,000 Templeton Asian Bond Fund (Asian bond/currency)
9,000 Martin Currie North American Alpha (US equity)
8,000 JO Hambro Capital Continental European (Euro ex-UK equity)
6,000 Melchior Select Japan Advantage (Japanese equity)
5,000 Blackrock Absolute Alpha (absolute return)
5,000 Findlay Park US Smaller Companies (US equity)
5,000 Resolution Hexam Global Emerging Markets (GEM equity)
4,000 Thames River High Income EUR (global credit)
3,000 Cash (money markets)
3,000 SG Japan Core Alpha (Japanese equity)
3,000 Veritas Asian Fund (Asia Pacific equity)
