Marc Renaud: "We posted a poor performance in 2011 that was half due to our decision in July to overweight the banking sector and a little under half due to our (structural) overweighting of the eurozone compared to the UK.
Even if highly disagreeable, this poor performance was normal in markets driven by macroeconomic considerations or investment flows (2002-2008-2011), periods in which the market momentarily no longer pays attention to valuations and in which our method consequently becomes ‘beside the point’."
Performance Review 2012
Marc Renaud: "In the period since the creation of the fund (a highly unfavourable period for the Value management style), our performance has roughly equalled that of the index and has therefore not been convincing. Besides that fact that we would obviously argue in favour of a longer track record, this performance has reflected a cyclical trough for the market and our management style. We obviously expect to exit this cyclical phase on the high end."
