Rebak says: “We have been reducing exposure to core funds and introducing funds with higher tracking error to the benchmark.” He says the rationale behind the changes to the portfolio is evolutionary: by concentrating on a smaller number of funds with larger tracking errors, he hopes the portfolio will outperform the benchmark.In the European sector, the portfolio has dropped the JPMF Europe fund, managed by James Elliot, and moved into the Fidelity European Opportunities fund, run by Colin Stone. Rebak has also discarded the JPMF Premier Equity Growth fund. He explains that the tracking errors of these two funds were too low, and the Fidelity fund fitted in better with his investment objectives. Despite the changes made to the portfolio, the fund’s mandate remains unchanged. Rebak says that the overall investment style has not changed, but its focus has moved slightly: “It is now more about following our convictions in the Global Growth fund.” The £14m fund is in the IMA Global Growth sector and has been managed by Rebak since its launch in February 2003. From then to January 3, 2005, the fund is ranked 66th out of 152 funds in the sector, generating a return for its investors of 35.73% compared with the sector average growth of 36.82%. Over the past 12 months, the fund has slipped to 74th out of 157 funds. Legg Mason LMFM Value, Lord Abbett US Affiliated and JPMF Institutional Japan made up the top three holdings in the portfolio at November 30, 2004. Rebak has also recently reduced the number of holdings in his £129m Growth Fund of Funds from 29 to 27 funds.