Michael Richter
“Speculation has centred on how quickly the US Federal Reserve will raise interest rates and how this will impact on the dollar/euro rate. Fed Chairman Alan Greenspan should lift the target rate to 3.5 per cent at the end of 2005. We expect the dollar to continue weakening against the euro. Therefore we partly hedged our US-exposure by replacing the Merrill Lynch US Small Cap Value with the euro-hedged Pioneer US Mid Cap Value fund.
AMOUNT (E) FUND
12,000 American Express Epic Emerging Market Liquidity
10,000 Meinl European Land (Real estate Eastern Europe)
8000 M&G Global Leaders (equity global)
8000 Dexia Inflation Linked Bond Fund
8000 Fidelity European Growth
8000 Magna Emerging Markets Equity
7000 Invesco GT Global Corporate Bond Fund (investment grade)
6000 Invesco Extra Income (global corporate bonds, focus BB rating)
6000 Magna Eastern Europe Fund (equity Eastern Europe)
5000 American Express European Small & Mid Cap
5000 Nordea I North America Value
5000 Aberdeen Sovereign High Yield Bond (emerging markets bonds)
4000 AXA Rosenberg Japan Equity
4000 Pioneer Us Mid Cap Value EUR
4000 American Express Epic Global High Yield Euro
