“During the last month we didn’t modify the asset allocation of our portfolio. We made one change in fund selection, adding Gartmore Emerging Markets Equities and removing Pictet Emerging Markets Equities. Low turnover in the portfolio is a goal of our activity, especially considering the present conditions of financial markets, marked by persisting high volatility. In spite of unsatisfying results in the short term, we believe that the portfolio is built to return a good performance over the medium-long term.”