Lionel De Broux

“August has been painful for our performance. Indeed most of our equity managers were oriented toward a more cyclical part of the market and suffered during the second part of the month. With the exception of our emerging debt and gold allocation, the defensive side of the portfolio did not succeed in moderating the impact of the equity side. The first days of September are showing the opposite picture, as market is rebounding and Euro seems to resume its weakening trend. We have not implemented any change over the month.”