News

01/12/2008 - Liberation VII Trading Note

UK
It has been decided that it is time to sell the M&G Recovery Fund from the Liberation VII portfolio.
Although Tom Dobell, the fund manager, is an experienced and highly respected manager he has allowed Tullow Oil to build up to a very high component of his fund (c.9%). We remain unconvinced by Tullow Oil and indeed the rather pro-growth position that Tom follows. The recent positive news-flow on the stock
allows us to exit at a good time and in its place we have introduced the Invesco Perpetual Income Fund.

Europe
Having suffered a bad year there is little reason to continue holding the Fidelity European Opportunity
Fund. While we consider what alternatives to hold we have introduced the iShares MSCI Europe Ex UK Fund, an ETF.

Property
It has been decided that it is time to sell Carpathian Plc and this will be done at the earliest opportunity.
While we look for what we deem to be a good property fund and to increase the holdings in property we
have added the iShares FTSE EPRA/MAREIT UK Property.

Jason Britton

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