“This month we slightly increased our equity allocation, in a still overall balanced portfolio. We bought the IXIS Oakmark Global Value fund and sold some bond exposure. Our portfolio is now more concentrated than before, with a bias toward total return bond funds, corporates and european equities. We reduced the duration of the portfolio selling the AXA Euro Bond 7-10 fund. We think that the recent equity rally has been due to strong governments and central banks support during the last few quarters, but still expect to see confirmation of the economic recovery in the next few months.”