“On the asset allocation side, the main building blocks are kept unchanged. Within the equity part of the portfolio, it is pretty much Europe and emerging markets by now. The investment rationale is twofold. First, we are trying to limit any dollar exposure as much as possible. Second, by adding Lazard’s Objectif Alpha Euro, we are adding high octane stock-picking skills to the portfolio: this new investment vehicle is nimble enough to seize opportunities on any part of the EuroZone stock markets with, possibly, a significant turnover, which is really different from the other funds in the portfolio.”