Jean-François Gilles

“In September, stock market corrections were partly due to the depreciation of the dollar and to some mixed economic news. Despite the apparent risks, we remain slightly overweight in stocks. In fact, we believe that the cyclical recovery currently under way, the restructuring processes of companies and low monetary rates should together remain a catalyst for improved performance. In light of this, we leave our allocation unchanged.”

Amount (E) - Fund

22,500 - Louvre Multi Select LMS Global Bond Fund

20,000 - Legg Mason America Value

12,500 - Comgest Asia

7500 - Agressor – La Financiere de l’Echiquier (small cap value)

7500 - Credit Suisse Asset Management Convertible Bond Europe

5000 - ADI Convex Valor (convertible Bond Arbitrage)

5000 - Capital International Fund (world equities)

5000 - Go Fx Euro Govies (sovereign bonds)

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Pimco Total Return (US fixed income)

5000 - Wanger AM New America Small Caps