“The recent period has been more volatile for the market as doubts appeared over the sustainability of the market rally. In this environment, we have decided to take profit on our Convertible bonds position that has been successful all year and we have reduced our position in the very defensive Sinopia AF 300. The proceeds will be reinvested in a fund investing in emerging market local currency debt, where we see more potential in the near term versus developed markets. On the equity side, we have reduced our direct allocation to US and Europe to increase our bets on the emerging markets.”