Jean-François Gilles

“After a correction in September, stock markets reacted positively. Good macroeconomic news from the US and Asia meant investors stayed confident about stocks. But forex markets remained volatile and bond markets continued to be pressurised, with the

exception of the high yield segment. On this basis, we remain overweight in stocks and we are bullish on gold and commodities in general.”

Amount (E) - Fund

22,500 - Louvre Multi Select LMS Global Bond Fund

20,000 - Legg Mason America Value

12,500 - Comgest Asia

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

7500 - Credit Suisse Asset Management Convertible Bond Europe

5000 - ADI Convex Valor (convertible bond arbitrage)

5000 - Capital International Fund (world equities)

5000 - Go Fx Euro Govies (sovereign bonds)

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Pimco Total Return (US fixed income)

5000 - Wanger AM New America Small Caps