Peter Fitzgerald

“We made a number of strategic changes to the portfolio this month. We did not make any changes in the allocation to equities, fixed income or alternatives, which remain broadly the same. We sold our holding in the Thames River Global Bond fund, increased our allocation to convertibles which now make up 27 per cent of our fixed income exposure and also increased the allocation to ABN Amro and PIMCO fixed income funds. We also made a number of changes in our equity holdings. We sold our position in the Odey Pan European fund to consolidate our European holdings and to increase our allocation to the US. The US now represents 20 per cent of the equity exposure.”