“This month we made no changes in the sector and geographic allocation of our portfolio. The portfolio is well diversified, so we have n0t planned any change to the portfolio in the short term. This month the portfolio registered a good performance over the benchmark, receiving the best contributions to the performance from M&G Recovery, Vontobel US Value and Nordea Europe Value. On the contrary the main detractors have been Templeton Mutual European and MFS European Equity. The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach.”