Lionel de Broux

“While our increasing allocation to alternatives has been successful, our portfolio is suffering from the dollar weakness. Our exposure to BGF Global Allocation and Templeton Global Bond is underperforming. However, the first week of April has seen a strong rebound for most of the portfolio. We have initiated some changes this month, switching our positions in Exane Templier into BSF European Divers Eq Abs Ret. We are also initiating a position in convertible bonds via the DWS Invest Convertibles and replacing Templeton Global Bond and Vanguard Global Bond with Schroder ISF Global Bond.”