Management Selection Team

“In August our portfolio underperformed the benchmark by 57 bps. The main detractors were European equity funds, while positive contributions came from the M&G Global Basics, UBS US Growth and Generali Euro Bond funds. Given the deterioration in the outlook for the global economy, we returned to a neutral position versus the benchmark. We have increased bonds, and decreased exposure to pretty much all equity markets. We sold Fidelity European Dynamic Growth in favor of a new global defensive fund, MS Global Brands. The bond portion remains invested in pure government bond funds.”