Pierre Bonart

“We consider it still too early to stray from pro-cyclical growth and maintain our preference for late cyclicals. According to the current levels of government bonds in Europe and in the US, we have a rather cautious stance towards this asset class and seek value in other fixed income instruments, which may offer protection against a rise in treasury yields. We therefore keep our allocation unchanged and remain careful to any sign of turnaround.”

Amount (E) - Fund

22,500 - Louvre Multi Select Global Bond Fund

20,000 - Legg Mason America Value

7500 - Agressor – La Financiere de l’Echiquier (small cap value)

7500 - Credit Suisse Asset Management Convertible Bond Europe

6250 - Louvre Multi Select Emerging Equity Fund

6250 - MLIIF World Mining Fund

5000 - Wanger AM New America Small Caps

5000 - Capital International Fund (world equities)

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Croissance Euro Actions (Euro growth equities)

5000 - ADI Convex Valor (convertible bond arbitrage)

5000 - Pimco Total Return (US fixed income)