Thierry Callaut

The panel “The recent rally in the equity market brings some relief for everyone. Earnings recovery is leading the upturn and we hope that profits and more active fiscal policies will stave off the threat of deflation. This is why we are remaining neutral in our split between stocks and bonds. We favour large- cap equities and corporate, high yield and convertible bonds. We will actively hedge our dollar allocation." The investments Amount (E) - Fund 15,000 - Pimco Total Return (US bonds, hedged)

15,000 - LMS Global Bond Fund (Louvre multi-manager)

15,000 - Legg Mason America Value (US large-cap value)

12,500 - Western Global High Yield (US and European high yield)

10,000 - WP Stewart Com Select Growth (US large-cap growth)

10,000 - Comgest Renaissance Europe (Europe large-cap growth)

10,000 - Capital International Multisector Europe (Europe large-cap blend)

7500 - ADI Convex Valor (alternative investments – convertible bond arbitrage)

5000 - Comgest Asia (Asia and Japan equity)