Lionel De Broux

“After having lagged during the summer, the portfolio has strongly recovered during the month of September. Most of our European and US equity managers have rebounded stronger than the market. Our switch to Euro-hedged share classes for some of our managers has also been supportive.The main pieces of disappointment came from the absolute return allocation, and especially from the Aviva position that is strongly correcting. We have decided to open an exposure to the Vanguard Global Bond Index in order to reduce our percentage invested in Templeton Global Bond and in Aviva.”