AMOUNT () FUND
12,500 Pimco Total Return (global bonds)
12,500 MM European Bond (European gvt bonds)
10,500 Cash
7,000 Wellington US Research (US equity)
7,000 AXA-Rosenberg US Equity Alpha (US equity - quant)
5,000 Schroders Commodity (commodity)
5,000 Odey Pan European (European large cap)
5,000 IdB Equity Income (European defensive equity with hedging)
5,000 ARS - Market Neutral (fund of hedge funds)
5,000 ARS - Directional Managers (fund of hedge funds)
4,000 Nevsky Emerging Markets (emerging markets)
4,000 First State Asia Pacific Leaders (Asia ex Japan large cap)
4,000 Bluebay High Yield (high yield)
2,500 Odey European Inc (long/short)
2,500 IdB Real Estate Equity (European property long/short)
2,500 Cazenove European Absolute (long/short)
2,000 Std Life UK Growth (UK large cap)
2,000 PSIGMA Income (UK large cap)
2,000 Invesco Perpetual High Income (UK large cap)
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Peter Fitzgerald
01 June, 2009
“The best performing fund last month was Odey European Inc (+30 per cent). This manager benefited from a large position in Barclays. We have diversified our holding in Invesco Perpetual High Income and invested into PSIGMA Income and Standard Life UK Growth. We moved into the Schroder Commodity Fund for three reasons: a hedge against inflation; if economies pick up commodities rally as supply constraints become obvious; and as a hedge against a fall in the dollar. Last month we stated that this “equity rally could well continue longer than many market participants believe.” So far we have been right.” |
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