“As expected, the beginning of 2010 has been shaky for investors. Equity markets have been rather volatile and questions about the public deficit of some European countries have recently amplified the trend.

While our position in emerging market suffered, our diversified position in small cap funds and our exposure to Bgf Global Allocation have been quite supportive. In the short-term, we recommend to rebalance the portfolio but not to change the allocation which is appropriate to this environment. ”