“The sharp selloff in January and February has been followed by an impressive rebound on most stock and (non government) bond markets. The physionomy of this rally has been such that very large differences appeared between sectors and countries. And between fund managers as well. The good news is there can be real value added to some active fund managers. But the flipside of it is that undeperformances can be high as well. Two active fund managers have been added to the balance portfolio over the past few months, both on European Equity, a depressed area where a lot of inefficiencies remain.”