Management Selection Team

“In December our portfolio underperformed the benchmark by 92 bps. Main contributors were MS Global Brands and Generali Euro Bond, while the worst performers were the European equity funds. We sold FT Mutual European and reinvested in Fidelity Fast Europe, a fund more reactive to improvements in the economic and political situation. We reduced the government bond position and introduced the Invesco Euro Corporate Bond, and sold Morgan Stanley Global Brands, buying Aberdeen World Equity. The sovereign crisis concerns us, but we are confident a solution will be found to avoid a worst case scenario.”