Management Selection Team

“In July our portfolio outperformed the benchmark by 36 bps. Main detractors were European equity funds, while positive contributions came from M&G Global Basics UBS US Growth and GLG Japan CoreAlpha. This month we slightly changed the asset allocation of our portfolio, reducing the bond portion and increasing the equity portion (mainly Europe, Pacific and Japan equities). Versus the benchmark, we are now long emerging markets, Europe and Japan, short US, and neutral Pacific. The bond portion of our portfolio remains invested in pure Government bond funds.”