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PRODUCTSMEET THE SELECTORS AMOUNT (€) RICHARDTROUE


FUNDMANAGER,HARGREAVES LANSDOWNFUNDMANAGERS BASEDIN: BRISTOL,UK


“The US Federal Reserve’s policy shift to prioritise full employment over controlling inflation is a changeworth paying attention to. It’s too early to tellwhether this, combined with an economic recovery asweemerge from lockdown, will see sustained higher inflation, but it does makemequestionhowlong certain stocks can justify ever-highermultiples. I’m glad there’ssomeexposure to more lowly valued stocks and sectors in this portfolio, not to mention somemore defensive total return funds for the tougher times.Don’t fight the Fed.”


PAULHOOKWAY


SENIORFUNDANALYST, KLEINWORTHAMBROS BASEDIN:LONDON,UK


“After our pause last month, it was time for action in March. Wedecided to reducethegold positionby3per cent,adding the proceeds to long-dated gilts,whichofferedamore attractiveopportunity.TheUK market has long been cheap relative to global markets, but lacked a catalyst for investors to invest. The successful vaccine rollout and anticipated cyclical bounce as Covid-19 restrictions are relaxed, seems to us to be such an event.Wereduced the US exposure by 4 per cent, adding a newholding of ThreadneedleUKFund to the portfolio.”


ANTTI SAARI


CHIEF INVESTMENTSTRATEGIST, NORDEAINVESTMENTS BASEDIN:COPENHAGEN, DENMARK


38 APRI/MAY 2021


“We believe further improvements in the earnings outlook are in the cards as the probability of a V-shaped macro-economic recovery inmuch of the world is increasing. This alone gives an upside of almost 10 per cent to current EPS estimates. While rising interest rates pose a conundrum for investors in this situation, we note that serious trouble for the equity markets normally starts after the central banks are done with hiking rates—not before they even start. Hence, we continue to recommendan overweight for equities.”


EQUITY 9,000 8,000 7,000 5,000 5,000 5,000 5,000 4,000 4,000 3,000 2,000 2,000


FIXED INCOME 13,000 10,000 10,000


ALTERNATIVES 4,000 4,000 2,000


100,000 SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 57,000


33,000 10,000 0


100,000 AMOUNT (€)


EQUITY 10,000 7,000 7,000 6,000 6,000 6,000 5,000 4,000 4,000 4,000 3,000 3,000


FIXED INCOME 10,000 7,000


ALTERNATIVE 6,000 5,000 5,000


CASH 2,000


Equity


Fixed income Alternatives Cash


FUND NAME Lyxor S&P 500 ETF


Blackrock Continental European Flexible Federated Hermes Asia ex-Japan Baillie Gifford Japanese iShares S&P 500 ETF Robeco US Premium


Pictet Global Environmental Opportunities Loomis Sayles US Growth Equity Threadneedle UK Fund Fidelity Emerging Markets AXAWF Framlington UK Fund Jupiter European Growth fund


LYXOR Core FTSE Actuaries UK Gilts ETF Invesco Sterling Bond Fund


Wisdom Tree GBP Hdgd Phy Gold ETC Lyxor/Sandler US Equity Lyxor Tiedemann


Cash SUMMARY


THIS MONTH 65,000


17,000 16,000 2,000


100,000 AMOUNT (€)


EQUITY 14,000 12 000 7,000 5,500 4,000 3 000 3,000 1,500


FIXED INCOME 22,000 8,000 6,000 4,000


ALTERNATIVES 10,000


100,000 FUND NAME Nordea Global Enhanced


Wellington US Research Equity Nordea Global Stars Equity Fund Wellington EM Research Equity Nordea Global Enhanced Small Cap JP Morgan Europe Select Equity Fund Nordea Global Disruption Fund T. Rowe Price Japanese Equity


Nordea Corporate Bond Fund PGIM EM Bond Opp Fund AEGON Global High Yield


Nordea Alpha 10 MA Fund SECTOR


Global Equity US Equity


Global Equity


Emerging Market Equity Global Equity


European Equity Global Equity


Japanese Equity Investment Grade


Emerging Market Debt Global High Yield


Nordea Euro Medium Term Bond Fund Government Bonds Multi Asset SECTOR US Equity


European Equity Asia Ex-Japan Japan Equity US Equity US Equity


Global Equity US Equity UK Equity


Global Emerging Markets UK Equity


European Equity Government Investment Grade Bond Fund Gold


US Long/Short Equity M&A arbitrage


Money market


LAST MONTH 65,000


14,000 19,000 2,000


100,000


LAST MONTH 57,000


33,000 10,000 0


100,000 FUND NAME Findlay Park American


Stewart Investors Asia Pacific Leaders Lindsell Train Global Equity Artemis Income


Crux European Special Situations JO Hambro UK Equity Income Majedie UK Equity


Man GLG Japan Core Alpha Trojan Global Income


Rathbone Global Opportunities Marlborough Micro-Cap Growth Marlborough UK


Invesco Perpetual Tactical Bond M&G Global Macro Bond


Royal London Sterl Extra Yield Bond


Pyrford Global Total Return Trojan


BNY Mellon Real Return SECTOR


US Multi Cap Asia Quality


Global Large Cap UK Equity Income Europe Multi-Cap UK Equity Income UK Large Cap Japan Value


Global Equity Income Global Large Cap


UK Small-Cap Growth Strategic


Global Strategic Higher Yield


Total Return Total Return Total Return


SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 50,000


40,000 10,000 0


100,000


LAST MONTH 50,000


40,000 10,000 0


100,000


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