Over 2004 we pursued two dominant themes with our managed fund. First of all we consistently favour...
Over 2004 we pursued two dominant themes with our managed fund. First of all we consistently favoured Asia over the US and, secondly, we moved the fund to a more defensive stance. These two strategies, by and large, dictated the fund's performance over the year. That said, the last year started poorly with US monetary tightening impacting negatively on those countries in Asia with currencies that are linked to the greenback. Exacerbating this problem was China's attempts to engineer a slowdown. With the fund's overweight position in this region, our allocation could have at first glance...
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