“Our fund selection fared reasonably well for the first month of 2010. Each in a style of his own, the fund managers coped with an adverse sentiment backdrop, starting by mid January. The two changes made to the balanced portfolios are much more about asset allocation moves than fund picking. First, the corporate high yield holding has been redeemed, after an impressive run for next to one full year. Second, the energy holding has been trimmed, due to the negative environment for most cyclical stocks. Going forward, there should be plenty of scope for managers to perform, provided they are allowed enough benchmark deviation.”