Management Selection Team

“In May, our portfolio outperformed the benchmark by 46 bps. Main contributors were Nordea  European Value, MFS Global Equity, Natixis Global Value, GLG Japan CoreAlpha, MFS Europea Equity and UBS USA Growth. Negative results in terms of contribution were recorded by Franklin Templeton Mutual European, Fidelity European Dynamic Growth and UBAM US Equity. This month, we kept the asset allocation of the portfolio unchanged. Versus the benchmark, we are neutral on Japan, long emerging markets and Europe, short US and Pacific, short bonds.”