Guenter Woinar

“After the latest rally in emerging markets bonds we realised some profit and reduced our exposure to the Aberdeen Sovereign High Yield Bond fund from 8 to 5 per cent. The remaining 3 per cent we have put in the euro-hedged American Express Emerging Market Liquidity Fund. A further 3 per cent was added to this fund from our allocation to the Oppenheim European Opportunities Bond Fund, which we have eliminated due to the bad performance of Eastern currencies.” Amount (E) - Fund 13,000 - DWS Vermoegensbildungsfonds I (equity global) 12,000 - Nordea I North American Value 11,000 - Fidelity European Growth 9000 - DIT Europazins (European bonds) 8000 - American Express Epic Global High Yield Euro 8000 - JPM Fleming International Bond 8000 - Meinl European Land (real estate Eastern Europe) 6000 - American Express Epicon Emerging Market Liquidity 6000 - Invesco Extra Income (Global corporate bonds, focus BB rating) 5000 - Griffin Eastern European (equity Eastern Europe) 5000 - Merrill Lynch US Small Cap Value 5000 - Aberdeen Sovereign High Yield Bond (emerging markets bonds) 4000 - First State Global Emerging Markets Equity