“This month we made a change to the portfolio, adding the Generali Euro Bond fund. Despite the change in fund selection, no changes have been made in the sector and geographic allocation of our portfolio. This month the fund registered a performance in line with the benchmark, receiving a positive contribution to the performance from UBS US Growth, UBAM Neuberger Berman US Equity Value and Janus US Strategic Value. The main detractors have been Templeton Mutual European, Templeton Mutual Global Discovery and Nordea European Value. The bond portion of our portfolio remains invested in pure Government bond funds.”