Jean-François Gilles

“In August, the improvement in the US economy was confirmed, particularly through strong GDP growth in the second quarter. Meanwhile, Asia experienced a strong rebound, with the SARS threat seemingly a thing of the past. We have increased our weighting in Asia, introducing Nouvelle Croissance Asie. We have reduced our defensive funds of funds positions in LMS Global Bond Fund (Banque du Louvre) and ADI Convex Valor (ADI AM).”

Amount (E) Fund

22,500 Louvre Multi Select LMS Global Bond Fund

20,000 Legg Mason America Value

12,500 Comgest Asia

7500 Credit Suisse Asset Management Convertible Bond Europe

7500 Agressor – La Financiere de l’Echiquier (small cap value)

5000 ADI Convex Valor (convertible Bond Arbitrage)

5000 Go Fx Euro Govies (sovereign bonds)

5000 Pimco Total Return (US fixed income)

5000 Wanger AM New America Small Caps

5000 Capital International Fund (equity)

5000 Nouvelle Croissance Asie (Asian ex Japan equities)