Management Selection Team

“In April, the performance of our portfolio was in line with the benchmark and the main contributors were the European equity funds. A positive contribution came from MFS Global Equity as well. The bond portion of our portfolio remains invested in pure government bond funds, as we maintain our conservative approach to fixed income. We sold some of our US and Pacific exposure, and bought some European Equity exposure. Versus the benchmark, we are neutral on Japan, long emerging markets and Europe, short US and Pacific, and short bonds.”