Robert Burdett

“We have moved to overweight equities again for 2004 from a 50:50 split, to 45:55 in favour of stocks. Eight of our 12 funds outperformed in the past month, with bonds on average having a harder time. This is because we have selected a number of total return products mixed with high yield, both of which had a harder time in December. The equity selections generally outperformed, with notable strength at Close Finsbury Japan and Asian boutique fund BDT.”

Amount (E) - Fund

13,000 - Credit Suisse Bond Lux Target Return Euro (total return, long only)

13,000 - JO Hambro Capital Markets Continental European (European blend sector driven equity)

13,000 - Thames River Global Bond (total return OECD bonds)

12,000 - Schroder ISF European Alpha (pan-European GARP)

10,000 - Mellon UG Global Bond

9000 - Baring High Yield Bond

7000 - JO Hambro Capital Markets UK Growth

6000 - Close Finsbury Japanese (equity)

5000 - BDT Invest Asia (equity)

4000 - Thames River Global Emerging Markets

3000 - Legg Mason Strategic Value (US large-cap value)

3000 - Nordea American Value

2000 - GAM Star America Focus (large cap)