Claudio Barberis

“In the past month the performance of the portfolio was mainly due to the continuing positive performance of the credit strategies. The Henderson Credit Alpha fund, Legg Mason Global Multi-Strategy and M&G European corporate bond all added to the performance. The fixed income funds were on average flat, both the long funds and the absolute return strategies. The equity exposure was flat too, due to global markets staying in a range trading. The remaining absolute return funds delivered a flat performance as well.”