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By PWM Editor

“In view of the deteriorating Japanese economy we decided to move out of Japanese small caps. We have switched our holding in Merrill Lynch Japan Opportunities into Polar Capital Japan. Our Japanese equity weight is now equally spread over Martin Currie and Polar. Polar Capital Japan has a bias towards mid cap and growth stocks and has exhibited good results since its inception in 1999. And we maintained our 30 per cent allocation to the IdB MM Zeus fund.”

Amount (E) - Fund 30,000 - Insinger de Beaufort Multi-Manager Zeus (fund of hedge funds) 12,700 - Wellington US Equity Research (US large-cap core) 12,400 - ABN Amro Europe Bond 9600 - AXA-Rosenberg US Equity Alpha Fund (US large cap core) 7600 - Pimco Total Return Fund (US fixed income) 5600 - Pimco Global Bond Fund (global fixed income) 3500 - Gartmore CSF Continental Europe (Europe exUK large-cap growth) 3500 - Thames River European Fund (Europe ex UK large cap) 2200 - Barclays UK Equity Fund (UK index-tracking core) 2200 - Scottish Value Management UK Growth 1800 - Martin Currie Japan (Japan large-cap) 1800 - Polar Capital Japan Fund (Japan large cap) 1700 - Cambrian Fund (US small/mid cap) 1600 - Genesis Emerging Markets Investment Company 1400 - Aberdeen Asia Pacific (Asia ex Japan core) 1200 - Ashmore EMLIP Sovereign high yield 1200 - Pimco High Yield Fund

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