Marjolijn Breeuwer

“We decided to add Henderson Japanese Equity to the portfolio. The fund is co-managed by William Garnett in London and Jeremy Hall in Tokyo. The managers have many years of experience in successfully picking Japanese stocks. The Henderson Japanese

Equity fund is a concentrated portfolio which is run on a purely bottom-up basis. We believe the addition of these managers will add value to our Japanese equity portfolio.”

Amount (E) - Fund

30,000 - Insinger de Beaufort Multi-Manager Zeus (fund of hedge funds)

12,500 - ABN Amro European bond (European bonds)

11,000 - Wellington US Equity Research (US large cap core)

10,700 - AXA-Rosenberg US Equity Alpha (US large cap core)

7500 - Pimco Total Return (US Fixed Income)

5700 - Thames River Global Bond (Global fixed Income)

3000 - JO Hambro Continental-European (Large & mid cap)

3000 - Thames River European (Continental-European large cap)

1800 - Polar Capital Japan (Japan equity – midcap bias)

1700 - Thames River Global Emerging Markets (emerging markets)

1600 - Cambrian (US small/mid caps)

1500 - Invesco Perpetual High Income UK core (income)

1500 - Liontrust First Income (UK core)

1500 - Odey Pan European (top-down pan-European)

1400 - Aberdeen Asia Pacific (Asia ex-Japan)

1300 - Cazenove UK Growth & Income (UK top-down)

1200 - Ashmore EMLIP (sovereign high yield)

1100 - Pimco High Yield (High yield corporate bonds)

1000 - Henderson HF Japanese Equity (Japan equity all cap)

1000 - Martin Currie Japan (Japan large caps)