Robert Burdett

“April saw a continued equity rally. Time will tell whether the hard work in Iraq was the military action or the rebuilding. We benefited from our equity overweight and will retain this position – Merrill Lynch Euromarkets and Investec ISF Global Bond both gave double digit positive returns. We will switch only one holding: from Gartmore Emerging Markets to Thames River Global Emerging Markets, a new fund from a team we know well.”

Amount (E) - Fund 13,000 - Investec Select Global Bond (blend quality corporates) 12,000 - Credit Suisse Bond Euro (Euro quality debt) 12,000 - Mellon UG Global Bond (global macro bonds) 10,000 - Baring High Yield Bond (high yield debt) 10,000 - Merrill Lynch EuroMarkets (fund’l quality pan-E’pean equity) 10,000 - Schroder ISF European Alpha (E’pean ex-UK Garp conc. equity) 7000 - Lazard UK Equity (UK core active) 6000 - Legg Mason Strategic Value (US large cap value) 5000 - BDT Invest Asia (Asia equity absolute style) 4000 - GAM Star America Focus (US large cap Blend) 4000 - Thames River Global Emerging Mkts (pragmatic emerging eq.) 4000 - Polar Capital Japan (Japanese Garp equity) 3000 - Nordea A’can Value (US equity mid & small cap value total ret.)