Lionel De Broux

“Markets have continued to be depressed during September. The risk aversion benefitted Govies bonds, while others asset classes have delivered poor return. While we benefited from the good relative performance of our global equity, global bonds and asset allocation funds, the performance has been hit by our most cyclical bias including our position in JPM Natural Resources as well as Robeco EM equity, which both have posted a return below -10 per cent. We remain confident in our allocation and maintain our underweight in fixed income and confirm our interest for hedge funds strategies.”