Gary Potter and Rob Burdett

01 July, 2008

“World equity markets made mixed progress in Euro terms, leaving behind bonds in mild negative territory. Excellent relative and absolute returns from Findlay Park in the US, Rensburg and Old Mutual in the UK, Cazenove in Europe and JO Hambros in Japan helped offset the bond element of the portfolio. We have taken the opportunity to re-align our portfolio construction this month and although no funds have changed, turnover of 20 per cent has occurred with the holdings to adjust the overall stance of the portfolio towards the most flexible managers and those with the most latent potential in our opinion.”

AMOUNT (E) FUND

15,000 Blackrock Absolute Alpha (UCITS III narrow long-short equity)

13,000 Invesco Sterling Bond (flexible sterling fixed income)

10,000 Findlay Park US Smaller Companies (quality value driven small and mid-cap)

10,000 Thames River High Income EUR (active top-down/bottom up E-hedged

8,000 JO Hambro Capital Management Japan (value-driven mid-cap bias)

7,000 IVI European (Intrinsic value-driven cash flow focus)

7,000 Thames River Global Bond EUR (total return global short duration)

6,000 Cazenove European (business cycle relative value)

6,000 Nevsky Global Emerging Markets Fund (directional long-only equity)

5,000 Rensburg UK Managers' Focus (focus fund pooling four managers' best ideas)

4,000 Coupland Cardiff Japan (flexible absolute return-driven)

4,000 Veritas Asian Fund (real return Asian equity)

3,000 JO Hambros Capital Management European Select Values (intrinsic value/special situations)

2,000 Old Mutual Dublin UK Select Smaller Cos (capacity limited UK small Cap top-down/bottom up)

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