Lionel De Broux

“After three consecutive months of positive performance, markets corrected during April. While US equities have been quite resilient, European markets have been under pressure. In this context, the model portfolio performed above the balanced benchmark. The performance has been supported by good results of our fixed income allocation and the return generated by our global equity and patrimonial funds.

We replaced Robeco Emerging Market Equities with JPM Emerging Mkts Opps and Investec American with Allianz US Equity A. We maintain our asset mix unchanged.”