Management Selection Team

“In January our portfolio outperformed the benchmark by 107 bps. Main contributors were Nordea European Value, Natixis Global Value and M&G Global Basics, while the worst were the Fidelity Fast Europe Fund that was too defensive and the Generali Euro Bond fund. A hefty contribution came from the Invesco Euro Corporate fund that was very aggressively positioned on European financials. Although worried about the sovereign crisis, we are confident that a viable solution will be found to avoid a “worst case scenario”. We maintain a neutral positioning versus the benchmark in terms of asset allocation.”