“Only one asset allocation move has been made during February, which was redeeming the remaining energy holdings. Apart from this, we continue to emphasise broad based mandates which we give to skilled managers or teams, under the ‘alternative’ label. We have appointed three of them, by now. The alternative label which here refers to hedge funds, makes clear they do not fit within a single asset class, neither equity nor bonds. On the equity side, an extra fund manager has been added: again he is enjoying a mandate that is very lightly constrained, though limited to the eurozone, on any market capitalisation size.”