“September began by confirming its poor reputation on the equity markets, however salvation arrived in the form of pleasant surprises on macro-economic data in the United States. Ben Bernanke declared that the recession in the United States had come to an end but that the economy was likely to remain weak. Thus, our aggressive and cyclical bets in equities, credit and convertibles still provided positive returns over the month. Given that economic figures are, on average, still supportive and that significant liquidity remains in the market, we have decided to increase our global equity exposure through European equities.”