Michael Richter

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From Fund Selection 01 April 2005

By PWM Editor

“Higher growth rates in emerging markets in contrast to the developed countries and the, in our view more, favourable valuations in Europe means we remain overweight in these regions. “However, economic data show that the US economy is still growing strongly. The weakness of the dollar against the euro should help US exporters. We do not see a major change in US trade policy so we expect the dollar to remain weak.”

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