Management Selection Team

“In April the portfolio yielded a performance above its benchmark, partly due to the defensive positioning adopted by the end of March. Positive contributions came from Aberdeen World Equity, Nordea European Value and UBAM US Equity Value. The biggest detractor was GLG Japan CoreAlpha, both due to the market dynamics and its own aggressive allocation. We maintain a defensive stance on the portfolio, in view of the difficult situation in Europe and of the possible soft patch in the US growth path.”