The investment philosophy that underpins this type of product can be described as follows:

• priority given to the preservation of capital
• no benchmark index constraint
• optimization of the risk-adjusted performance

Our investment methods

Equity funds

• A selection of equities that are significantly undervalued in terms of fundamentals
• A focus on stocks whose market behavior reflects upward trends

Bond funds

• Active, opportunistic management
• Objective of protecting capital while outperforming the money market
• A central strategic positioning on the main yield curves
• Use of numerous additional sources of diversified performance
• Tactical management of performance levers around strategic positioning
• An asymmetric risk profile with reduced volatility

• A return objective based on money market rates (e.g. LIBOR +200 bp net of fees over a
• three-year time horizon)
• Flexible and dynamic asset allocation
• Use of asymmetric assets (convertibles, derivatives, funds of hedge funds)
• Rigorous risk management