Alessandro Costa

“In July we made no change in the sector and geographic allocation of our portfolio. Furthermore, the allocation between equity and bond funds remained the same. The performance of the fund benefited from funds like M&G Global Basics and Pictet Japan. Main detractors are Templeton Mutual Global Discovery fund, because of high level of cash in the portfolio, Vontobel US Value, Templeton Mutual European and UBS US Growth. The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach.”