Management selection team, Eurizon Capital

“In September we didn’t make any changes to the portfolio. In the period we got good contribution to performance from M&G Global Basics, Nordea European Value and UBS USA Growth, the more pro-cyclical funds of the portfolio. As far as the defensive part of the portfolio is concerned, results were a bit under the line. The biggest detractor was GLG Japan CoreAlpha, due both to the bad performance of the Japanese Yen and to the fund’s allocation to domestic companies. The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach.”