Company News

Low volatility compartment of managed account finished the year 2008 positive, up 3.3% in $ (based on December estimate of – 0.28%), and up 5.4% in Euro

Our low volatility program achieved a positive performance in 2008, independently of movements in global stocks and bond markets. It finished YTD positive at + 3.3% in USD, and + 5.4% YTD in Euro, with very low levels of risk. This program had generated a 13.8% return in 2007. Since 2006, it has created consistent returns, without suffering large variations in monthly results.

High return compartment of managed account gained 2.74% in November and is up 11.6% YTD

Our program performed extremely well in November, despite extreme and often unpredictable price moves in global markets. It finished YTD positive at + 11.6% in USD, after a monthly gain of 2.74%. In addition to positive results, program created, in 2008, steady monthly returns, without suffering the large swings in performance that was experienced in stock markets.

Low volatility compartment of managed account remains positive YTD, up 2.7% in $, after small loss in October (0.6%) and up 4.6% in Euro

Despite extremely volatile markets, our low volatility program finished YTD positive at + 2.71% in USD, after a small loss last month, and + 4.62% in Euro. In the last two years, program generated steady returns, without suffering large swings in performance (down or up).

Low volatility compartment of managed account gained 0.84% in November and is up 3.6% in $ YTD (and up 5.6% in Euro)

Our low volatility program performed extremely well in November, despite volatile markets. It finished YTD positive at + 3.6% in USD, and + 5.6% YTD in Euro. In the last 24 months, it achieved a cumulative performance of 19% in USD. It created steady monthly returns, without suffering large swings in performance (down or up)

Higher return compartment of managed account gained 0.21% in September and 10.66% YTD 2008

In spite of current market turmoil, our higher return program performed extremely well this quarter, with a gain of 3.3%. It finished YTD September 2008 at 10.66% (USD), with a volatility of only 7% annualised. Our managed account provides strong diversification benefits, as equity and hedge funds indices are negative.

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