Letter to Shareholders Value Equities Q3 2012

Funds responding well when fear loosens grip on markets.
  • Improved confidence about Europe has been good for Q3 performance
  • Central bank actions have supported equities
  • Value investing pronounced dead - but don’t you believe it!
  • Value case study  - European Bank BCV
  • Value case study – Japanese MBO target
  • Where is the takeover activity?

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