“Last year we saw strong positive performance posted by the most risky assets. Equity in general and emerging market in particular, but also corporate bonds and hedge funds, all delivered double digit returns. We expect 2010 to be more challenging for asset allocators, even if there are still a lot of opportunities in the market. We have therefore decided to reduce our allocation to both fixed income and hedge funds and invest the proceeds in commodities through a new allocation to a fund specialised in equity linked to the energy sector.”