“Some changes have taken place in the portfolio during the summer. We have reduced exposure to fixed income and increased our equity allocation. We have decided to sell our high yield allocation – after the strong rally of the asset class we decided to take our profit. We reduced our exposure to the balanced fund BGF Global Allocation Fund in order to directly reinvest the proceeds in equity funds. We have increased the exposure to emerging markets (with the addition of the Magellan fund) and to US equity. The objective is to benefit from the recovery of the US economy and a potential rebound of the dollar.”