Thierry Callault

“The markets are still under pressure, swinging from pessimism to optimism and back again due to mixed economic data from US and Europe. Deflation risks are still looming and we still doubt the strength of the present bear market rally. The allocation shift we made three months ago overweighting Asia and Japan is proving profitable. We are therefore adding more to Asia with an allocation to the Ofiming Chinese equity fund.” Amount (E) - Fund 25,000 - Louvre Multi Select LMS Global Bond Fund 20,000 - Legg Mason America Value 12,500 - Comgest Asia 7500 - ADI Convex Valor (convertible bond arbitrage) 7500 - Credit Suisse Asset Management Convertible Bond Europe 7500 - Agressor – La Financiére de l’Echiquier (small cap value) 5000 - Go Fx Euro Govies (sovereign bonds) 5000 - Pimco Total Return (US fixed income) 5000 - Wanger AM New America Small Caps 5000 - Ofiming (Chinese equity)