Management Selection Team

“In September our portfolio underperformed the benchmark by 93 bps. Main detractors were European Equity funds and M&G Global Basics. Among the European funds, the worst results were recorded by Oyster European Opportunities. Among other funds that exhibited negative results were UBAM US Equity Value and M&G Global Basics: both have over-weights on oil and commodities and were negatively impacted by the sharp drawdowns. Given the political will to sustain markets, we keep our neutral position versus the benchmark. The bond portion remains invested in pure Government bond funds.”