The Fund aims to provide a medium/long-term capital growth by providing a conservative, balanced investment exposure to various asset classes through units of UCITs and/or other UCIs that may invest in cash, bonds, equities, property and commodities. In addition, the Fund may and will at times invest directly in bank deposits and money market instruments.

The defining events of the third quarter were the initiation of the rate cuts by the Fed and the surprise announcement of monetary and fiscal stimulus by the Chinese authorities at the end of the quarter. During the quarter ending 30/9, most major asset classes rallied. REITS outperformed returning +10.68% followed by Bonds (EUR Brd Mkt) +3.72%, Global Equities +1.55%, Cash +0.975% and Commodities -5.00%, all in Euro terms. Over the same period, among the major equity market indices MSCI Europe gained the most with +2.00%, MSCI AC World gained +1.55%, MSCI US returned +0.95% and MSCI Japan +0.33% in Euro terms. Outside of the developed markets, the MSCI EM gained +3.06% and MSCI Frontier Markets lost -1.10% in Euro terms. Global REITS outperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index gaining +10.68%. Dev Europe outperformed during the same period with the FTSE EPRA/NAREIT Dev Europe gaining +11.89%. FTSE EPRA/NAREIT N.America gained +10.57% and FTSE EPRA/NAREIT Dev Asia gained +10.25% in Euro terms. In the bond markets, ICE BofAML EUR Broad Index gained +3.72%, ICE BofAML Global Broad Market gained +2.31% and ICE BofAML US Broad Market gained +0.57% in Euro terms. Within the Euro bond market in particular, ICE BofAML Greek Govnt Index gained +5.37%, ICE BofAML EUR Direct Government Index gained +4.00% while ICE BofAML EUR Corporate Index gained +3.28% in Euro terms. Commodities, retreated with the Bloomberg Commodity Index losing -5.00%. WTI Crude Future lost -17.49% and Gold Spot $/oz gained +8.45% in Euro terms. The Dollar depreciated against the Euro dropping by -4.39% during the same period, with the ECB Ref. set at 1.1196 on 30/9.

(LF) Fund Of Funds - Global Low had an average equity exposure of 19.60%, ranging between 16.9% and 20.4%. Average effective allocation in North American equities was 12.0%, 4.3% in Europe and 1.2% in Japan, while approximately 2.1% was the equity exposure in all other regions. The average exposure in bonds was 39.58%, ranging between 36.3% and 42.4% with an average effective duration of 6.7 years, while 27.0% was allocated in sovereign, and 12.6% in corporate bonds. The sub-fund had an average commodities exposure of 2.15%, During the period, the sub-fund had an average cash exposure of 38.67%.