Graham Duce
“Despite equity markets continuing to make positive progress this month, we remain concerned that the full impact of the credit crisis has not yet passed on the underlying consumer especially in high indebted consumer countries such as the UK. We have reduced our allocation and beta within the UK by selling our existing holding and replacing it with BlackRock Absolute Alpha, a fund that has the flexibility and mandate to deliver positive returns in difficult market conditions. By reducing our market sensitivity and allocation within the UK it also allows us to take slightly more risk within the portfolio in areas we believe remain fundamentally attractive such as Asia.”
AMOUNT (E) FUND 19,000 Thames River Global Bond (total return OECD bonds) 15,000 M&G European Leveraged Loan Fund (senior secured debt diversifier) 10,000 Mainfirst Avant Garde (Pan-European growth concentrated equity) 10,000 Templeton Asian Bond Fund (Asian bond & currency fund) 9,000 Martin Currie North America Alpha 8,000 JO Hambro Capital Markets Continental European (continental European blend sector driven equity) 6,000 Melchior Select Japan Advantage 5,000 Blackrock Absoulte Alpha 5,000 Findlay Park US Smaller Cos (fundamental value small cap) 4,000 JPM Emerging Markets Alpha Plus (flexible total return emerging equity) 4,000 Thames River High Income (global credit flexible total return) 3,000 Veritas Asia 2,000 Cash
