Lionel De Broux

“May ended in a context of negative equity market, a weaker euro and a widening of credit spread. Therefore, our portfolio has posted a negative return over this month compared to a balanced benchmark. Our portfolio has suffered from our switch to euro share class for Templeton Global Bond and BGF Global Allocation, but we prefer to apply an approach where we can secure part of our gain rather than trying to catch the final basis point. On the positive side, our performance continues to be supported by our exposure to gold and smaller companies in the US. We are not changing our allocation this month.”