Lionel De Broux

“The rebound of the equity market during October has been positive for the portfolio. Most of the equity funds did better than their respective benchmark. The two biggest contributors were our position in natural resources via the JPM fund and the exposure to emerging markets via Robeco. The rebound of the convertible position as well as our exposure into patrimonial products such as BL Global Flexible and BGF Global Allocation supported performance. We continue to expect volatility, and maintain our actual allocation and favour absolute return and flexible products against fixed income.”