“This month we made no change in the sector and geographic allocation of our portfolio. The portfolio is well diversified, so we have not planned any change to the portfolio in the short-term. As in the past month, main contributions to the performance have come from European funds, especially Nordea European Value Equities, MFS European Equities and Templeton Mutual European. Another good contributor has been Vontobel Global Value ex US, thanks to his emerging market exposure. The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach.”