Spirit of Independence

The enclosed PDF document includes all fact sheets of the month.

Individual monthly performance reports are available in the above-mentioned detailed fund pages:

• European Equities
• Emerging Markets Equities
• North American Equities

• Long/Short European Equities
• Long/Short Emerging Markets Equities
  
  
• Diversified Income
• Quality Bond Fund

Reyl Asset Management is pleased to invite you to our fixed income roadshow « How to create value in a low-yield environment? ».

Reyl fund managers will also detail the investment approach that has enabled the Reyl Quality Bond Fund to attain a cumulative net return of +24.9% since its launch in March 2009 (3% volatility).

If you are interested, please contact us.

"This challenging environment necessitates a highly selective investment approach."

Thomas de Saint-Seine, Chief Executive Officer

The first quarter revealed a strong appetite for risky assets. The surprising scale of this trend was due to a return of investor confidence linked in large part to the success of the LTRO and the publication of positive economic surprises in the US.

"The predominant risk today for global equity markets remains the European sovereign crisis."

Emmanuel Hauptmann

Generous liquidity injections by central banks through a combination of QE, Twist and LTRO operations have had the intended impact on risk asset markets, which have rallied strongly again in recent months.

Whereas all global markets staged a strong rally in January and February, March was characterised by a clear decoupling of the North American market, with the MSCI North America index ending the month up 2.5%, Europe finishing down slightly and emerging markets falling by 3.5% in China’s wake.

"After the sharp correction in the second half of 2011 and the marked recovery in the first quarter of 2012, are quick and abrupt market movements inevitable?"

Stéphane Decrauzat

In our 2012 outlook, we painted a resolutely positive picture of bond markets, especially the loans of investment-grade (IG) or high-yield (HY) companies, as well as emerging and convertible bonds. We maintained our distance from sovereign bonds that benefited from the European and banking crisis in view of negative real returns on so-called safe-haven issues. As summary of our analysis: company confidence  a risk to the global macroeconomic environment and a decline in systemic risk mainly due to the LTRO.