Michael Richter

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From Fund Selection 01 November 2005

By PWM Editor

“As stock markets in general, and especially emerging market equities, have showed a very strong performance in recent months, we reduced our exposure to equities by slightly scaling down the Magna Global Emerging Markets fund and took profits by selling the whole Magna Eastern European fund. We increased our stake in hedge funds by adding the First State Global Resources Long/Short Equity Fund and adding a further bond fund, which invests in European investment grade bonds.”

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