Thierry Callault

“War is over but there’s no reason to be bullish. The latest data from the US and Europe is negative, but fortunately, global consumption has shown good resistance during the recent difficult period. The Sars impact on Asian markets could provide us with an opportunity to increase our position in this region. We are therefore adding more money to Comgest Asia, which has done very well in the year to date, by lowering our exposure to US and European high yield markets.”

Amount (E) - Fund 25,000 - Louvre Multi Select LMS Global Bond Fund 20,000 - Legg Mason America Value 12,500 - Comgest Asia 7500 - ADI Convex Valor (convertible bond arbitrage) 7500 - Credit Suisse Asset Management Convertible Bond Europe 7500 - La Financiére de l’Echiquier (small cap value) 5000 - Go Fx Euro Govies (government bonds) 5000 - Pimco Total Return (US dollar hedge fund) 5000 - Wanger AM New America Small Caps 2500 - Capital International Multisector Europe (large cap blend) 2500 - Comgest Renaissance Europe (large cap growth)