Robert Burdett

“Last month’s move to credit is followed by this month’s decision to switch our holding in CS Bond Euro into the new CS Bond Target Return fund. Japan is becoming increasingly interesting, so we are shifting from Polar Capital Japan into Close Finsbury Japanese, favouring a smaller, more flexible fund. In the UK, we expect the benchmark to hinder medium term returns so have switched Lazards UK Equity into the less constrained JO Hambro Capital management UK.” Amount (E) - Fund 14,000 - Baring High Yield Bond (high yield debt) 13,000 - Investec Select Global Bond (blend quality corporate) 10,000 - CS Bond Lux Target Return Euro (total return, long only) 10,000 - Mellon UG Global Bond (global macro bonds) 10,000 - Merrill Lynch EuroMarkets (fund’l quality pan-European equity) 10,000 - Schroder ISF European Alpha (Europ. ex-UK Garp conc. equity) 7000 - JO Hambro Capital Markets UK Growth (UK blend active) 6000 - Close Finsbury Japanese (Japanese Garp equity) 6000 - Legg Mason Strategic Value (US large cap value) 5000 - BDT Invest Asia (Asia equity absolute style) 4000 - Thames River Global Emerging Markets (pragmatic emg equity) 3000 - Nordea A’can Value (US eq mid/small cap value total return) 2000 - GAM Star America Focus (US large cap blend)