Management Selection Team

“In March, our portfolio recorded a good outperformance versus its benchmark, re-gaining some of the ground lost year to date. This was mainly due to the turnaround of emerging markets equities, against a flattish or plainly negative performance of the main developed markets. The biggest detractor in the month in absolute terms was GLG Japan CoreAlpha: though the fund is only slightly under its benchmark. Best performer in relative terms was M&G Global Basics, a global equity fund very exposed to the emerging consumer. Also Nordea European Value posted very positive results in the month.”