Performance 2012

The performance in CHF of portfolio is good in 2012, with +10.17%. It must be said that it is mainly due to the 1st semester, since in the second part of the year the performance was limited to 3.09%, the weakness of the dollar not having helped. Cumulatively, this brings us to an annual profitability since launch (03.02.2010) of +7.76%. The portfolio performed less well than the market in the second half of the year and over the year, but let's not forget that it has a defensive vocation and that it is therefore normal that it performs less well during bullish phases.