Pierre Bonart

“We introduce Nouvelle Croissance Japon in order to play the Japanese stock market, especially small & mid caps. In Europe, we trimmed down our position in defensive small & mid caps to reinforce the large cap growth style. After a strong performance, we decided to sell the Merrill Lynch World Mining fund and replace it by the Merrill Lynch World Energy which is more attractive as regards to valuation and dynamics.”

Amount (E) - Fund

22,500 - Louvre Multi Select Global Bond Fund

20,000 - Legg Mason America Value

7500 - Credit Suisse Asset Management Convertible Bond Europe

7500 - Croissance Euro Actions (euro growth equities)

6250 - Louvre Multi Select Emerging Equity

6250 - MLIIF World energy fund

5000 - Capital International Fund (world equities)

5000 - Wanger AM New America Small caps

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Agressor – La Financiere de l’Echiquier (small cap value)

5000 - Pimco Total Return (US fixed income)

5000 - Nouvelle Croissance Japon – Invest Asia (small/mid cap growth)