Lionel De Broux

“Our portfolio benefited from the performance of its underlyings as most of our investments have outperformed their respective benchmarks over the summer. We benefited from our switch in May toward euro-hedged share class for most of our fixed income allocation. The portfolio has suffered from its weight in US equity due to the combination of market correction and euro rebound. The negative performance of the Aviva Absolute TAA has been a disappointment, but we maintain a positive view over the mid to long-term. We are making a 1 per cent arbitrage change of our US equity allocation into our gold thematic fund.”