Lionel De Broux

“Over the month of October, our selection was globally positive, as our allocation in diversified funds such as BL Flexible outperformed the broad bonds benchmark. Several hedge funds also succeeded to provide an appealing return. The main disappointment came from US equity funds, but it has been a particularly difficult year for active managers in this market. Ultimately, CTA continues to struggle and 2012 will be seen as one of their worst moments. We have decided to switch our position in JPM Natural Resources to an exposure in a dedicated South East Asian fund.”