Lionel De Broux

“May saw a disappointing performance from most equity markets. Concerns about the European Crisis and questions about the global macroeconomic situation continue to put pressure on markets. While most of the positions in the model portfolio contributed positively to the performance, the difficulties of active US equity managers to bring alpha, our bets on natural resources and convertibles detracted and have drawn the fund below its benchmark. We have decided to drop the BGF US Flexible from the portfolio and to replace it with the Vanguard US 500 Stock Index.”