Julien Moutier

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From Fund Selection 01 November 2007

By PWM Editor

“Over the past month, our balanced portfolio benefited from its credit and equity exposure. Corporate and emerging spreads recovered strongly over the past few weeks, in an environment of decreasing risk aversion. Our investment in South East Asia, via Fidelity, contributed to performance. We took profits after strong growth in our gold and commodities positions, selling the AXA Or et Matières Premières Fund, which represented 6 per cent of the portfolio.”

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Julien Moutier

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