Asia and Europe still top choice

The first months of 2005 have continued the themes of the year before. We have consistently favoured Asian and European equities over the US, and continue to invest in defensive equities with an attractive level of dividend yield and some growth potential. We are relatively cautious on the performance of stocks at the aggregate (market) level, but continue to find good investment opportunities at the stock level. Consequently we believe that the environment will favour a stockpicking approach, and a global universe for searching out attractive investment opportunities. A low-return env...