Lionel De Broux

“Our model portfolio delivered a mixed performance in 2011. Our exposure to absolute return strategy delivered good performance, the performance of the equity market neutral fund being offset by the good result of the DB Platinium. On the equity side, while the Natural Resources position was painful, the BGF US Flexible and the Aberdeen World Equity were the most supportive. Fixed income benefited from our exposure to Shroders Global Bond, but our diversification via convertible bond cost some performance. We start the year without significant change in our portfolio.”