Management Selection Team

“The portfolio has undergone some changes. We closed our small position in Fidelity Italy, given the deteriorating political visibility in the country, and reallocated to Fidelity FAST Europe and to Oyster European Opportunities, so as to have a balanced exposure to European markets. We are currently overweight equities and European investment grade credit and underweight Euro-Core Government bonds. The top contributors were the European equities funds. Performance was hurt mainly by the three US funds, given the disappointing performance of US equities relative to the European ones.”