INVESTMENT CHANGES.

17th August 2010
As a house, we remain unattracted to Property but feel there is some value in Emerging Market Debt and have added to this fixed interest exposure at the expense of cash, for the time being. Whilst this, notionally, in some portfolios, exceeds the top weighting to fixed interest securities, we feel this is replacing some Property exposure and, therefore, not adding to the maximum risk allowed.

The Investec Emerging Markets Debt fund is a market leader and is being used for this purpose.

15th July 2010
Equity markets have slipped back over the last few weeks suggesting better value is available and we have moved further money out of our fixed interest weighting in favour of the Far East and Emerging Markets. This involves trimming both the M&G Optimal Income and Baring Global bond funds in favour of Aberdeen Asia and supplementing First State Emerging, both funds with an excellent current record and, in the latter case, some defensive qualities.

6th July 2010
Markets, including those in the Far East and Emerging regions, have slipped back during June on worries about the global recovery. Valuations now suggest reasonable value exists over the medium term and so we have taken some funds out of fixed interest securities and added this to our Far East and Emerging market exposure. This involves increasing the weight of existing holdings and adding in the Aberdeen Asia Pacific fund which has been a consistently good performer over the last few years.

4th May 2010
Having recently switched money out of equities and into bonds during the turbulent month of May, the renewed levels suggest that the reverse move is probably appropriate now and we are moving money out of the Baring Global Bond Fund and into the Newton Global Dividend Fund to take advantage of internationally trading companies on a good dividend yield.