BDT Invest Japan Fund - November 2003

The managers of BDT’s Invest Japan Fund were fairly negative on Japan and invested cautiously in the four months after the portfolio’s March launch. Caution paid off with positive returns in five of its first six months and a June drawdown of 0.22%.However, increases in the fund’s risk/return profile as Japan’s cyclical outlook improved and the US recovered have seen the portfolio’s net exposure build up to 30%.Andrew Callender and Simon Dobson, the fund’s