Thierry Callault

“Globally, I am keeping the managers that were chosen for their consistency and good results in 2001. I am adding more small caps because this asset class is still undervalued. I am trying to add some alpha to the bonds portfolio by investing in high yield and convertible bond strategy.”

Amount (E) - Fund 50,000 - ADI Convex Valor (alternative investments – convertible bond arbitrage) 150,000 - Pimco Total Return Sicav (US bonds) 25,000 - CSAM Convertible Bond Europe (convertible bonds) 25,000 - Western Asset Global Yield Europe (European and US high yield) 60,000 - Wanger New America Small Caps (US small cap) 35,000 - Legg Mason America Value (US large cap value) 30,000 - WP Stewart Conservative Growth (US large cap) 35,000 - Kempen New Europe Small Caps (European small cap growth) 20,000 - Comgest Renaissance Europe (European large cap) 20,000 - Capital International Multisector Europe (European large cap) 25,000 - Finama Nouvelle Croissance Japan (Japanese small cap) 12,500 - UOB Nouvelle Croissance Asie (Asian equities) 12,500 - JPMorgan Fleming Nouvelle Croissance Europe (emerging Europe)