Management Selection Team

“Last month we did not change our portfolio, which outperformed the benchmark by 54 bps. Good results came from Natixis Global Value (excellent start of the year, after a bad 2011), GLG Japan, UBAM US Value, UBS USA Growth and Oyster European Opportunities. Also the bond component of the portfolio outperformed his benchmark, mainly thanks to exposure to corporate bonds (Invesco Euro Corporate) and Italian Government bonds (Generali Euro Bond). We maintain a neutral positioning versus the benchmark in terms of asset allocation.”