Lionel De Broux

“The rebound of the market has been massive since the beginning of 2012, particularly for the most risky asset classes. This environment has been supportive of our investments, leading to an impressive recovery for some of the most disappointing positions of 2011. The JPM Natural Resource Fund posted a return close to 16 per cent. Another bright spot came from emerging markets where our allocation delivered a return of 14 per cent. After this rally, we have decided to take some profit on the equity (reducing natural resource and US equity) and reinvest the proceeds in convertible bonds.”