“During the last month we did not change the composition of our portfolio, keeping both sector and geographic allocation unchanged. We also made no changes to the allocation between equity funds and bond funds. As in previous months, the performance of the portfolio suffered mainly because of the portfolio being underweight in the financials sector. However we still expect great volatility in the markets, and we think our portfolio is well allocated to benefit from the current market situation. With regard to the bond portion of the portfolio, we are keeping a conservative approach, by using low tracking error funds, focused on government bonds.”