Claudio Barberis

“This month we are not changing the portfolio.

The bond portfolio had a satisfactory performance in August, with little impact from the credit markets’ negative price action in the month. The equity part of the portfolio was negatively affected by the markets crisis, in particular the equity funds. The absolute return funds had mixed results: the Dexia Index Arbitrage strategy was positive, while the HSBC Global Macro returns were disappointing. The Credit Alpha managed by Henderson had a small negative performance.”