Financial markets and portfolios evolution at may 31th 2010

Financial markets are experiencing a negative trend since the beginning of the year, resulting in a loss of 7.59% of the MSCI World Index since January 1st. The uncertainty regarding the solvency of some European states and the poor outlook in a return to economic growth in Europe have resulted in a highly volatile stocks and bonds markets.

Our conservative’s strategy  in managing  our different  mandates has reduced dramatically the impact on portfolios. We believe that markets are now integrated into all prices these news and therefore a rebound is expected by the end of the year.

We are very attentive to the evolution of the economy and financial markets, we remain at your disposal for any further information.

We would like to thank you for placing your trust in us.

Funds Net Asset Value