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| Manager Comments | The New Year began as the old one left off, with a continued decline in the Australian dollar more than offsetting falls in many global markets in local currency terms, especially the US. Of the major markets Europe did best, bolstered by the announcement of a more aggressive than expected programme of money printing by the European Central Bank, but weakness in the Euro partially offset even these gains. The Fund closed the month fully invested, with the main features being overweight positions in China and India against the rest of the emerging market complex, and an overweight position in Europe against the US. The overweight in Europe saw the instatement of a hedge against the Euro through a long position in Danish Krone. Although the two currencies are presently pegged, we believe a likely break in the peg would give us some protection if rising tensions between northern and southern Europe were to result in a messy break-up of the euro-zone. The Fund increased its underweight position in the Australian dollar during the month. |
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