Pierre Bonart
“The US economy is on track for a housing and consumer-led mid cycle slowdown but we believe the probability of a recession is marginal. The Fed is likely to cut rates in 2007. We favour a defensive stance on equities and have a rather balanced style mix. On the fixed income side, we had increased our exposure and therefore benefited from the interest rate environment. We are now more on the way to slightly reduce this stance as the risk reward has become less appealing.”
Amount (E) Fund
25,000 L Multi Hedge
15,000 Louvre Multi Select Global Bond Fund
7,000 Henderson Horizon Japan
5,000 AXA World Talents
5,000 Comgest Asia
5,000 Europe Value
5,000 L Convertibles
5,000 Louvre Multi Select Emerging Markets Equity Fund
5,000 MLIIF World Energy Fund
5,000 MLIIF World Mining Fund
5,000 OPA Monde
5,000 Renaissance Europe
5,000 WP Select Growth (US Conservative Growth)
3,000 Legg Mason America Value
