“During October, we made no change neither in our selected funds nor in our asset allocation. We continue to monitor the evolution of the market rally that started a few months ago. We do not expect the rebound to continue at such a strong pace in the near term but a more volatile environment could take place.

Our actual positioning as well as the type of manager that we are today investing in should benefit from such type of environment. Our position in the BGF Global Allocation Fund should play the balance between less risky and more risky assets especially if the market starts to correct.”