Georges Wolff

“Absolute return funds have generally come under heavy pressure during the October market turmoil. Strong redemption flows and worsening liquidity conditions might impact the liquidity profile of these funds. To reduce the specific risk of the portfolio, we have redeemed our position in the Julius Baer Bond Absolute Return Fund. We have reinvested the proceeds in the Sinopia AF 300 Euro. We have also initiated a position in the DWS Invest Convertibles LC fund. Convertible bond valuations are at historically low levels, providing an attractive way of gaining exposure to equity markets”