“We have noted some positive first steps in a potential global stock market bottoming process. However, the percentage of markets above their long-term average has not recovered enough to confirm an end to the long-term global downtrend. We are therefore maintaining our cautious bias and our significant exposure to alternative investments, through multi-strategy funds of hedge funds. It is worth mentioning that special care is taken on operational due diligence as the credit environment remains uncertain. Most of the markets that behave well are from resource-based and emerging markets confirming the sustainability of the commodity demand theme.”