Performance

Global funds of funds

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Funds of funds posted solid returns across the board for the first half of 2003. The equity markets' sustained run in the wake of the Iraq conflict led to out performance from all the equity strategies, with Asia in the lead: up 4.95% over six months, while U.S. equity was not far behind at 3.98% over six months following a 0.84% return in June. The abatement of fears about a prolonged war was also a boost for macro managers, who played currency and fixed income markets in the second quarter, with the popular short dollar/long euro trade again