In 2009, external management of listed assets recorded a very good year with a contribution to outperformance, net of management commission, of 0.70% (compared to around 0.27% net in 2008 including transition performance).

These results have been achieved due to the equities mandates which have made a positive contribution of 0.83% whereas fixed income mandates recorded a slightly negative contribution of -0.07%. The performance of bond mandates has been volatile with very negative performance in the first semester followed by a rebound in the second half of the year. As always, these figures disguise significant differences in terms of relative performance within each management mandate: these are on a scale of between -8% and +10.4%. Also, by looking at performance on a global mandate scale, the three best contributors generated +0.64% compared to -0.25% for the three least well performing contributors.

As for non-listed assets, involving only private equity in 2009, these recorded a negative contribution of -0.24% due to the impact of the “J curve” , as expected in the initial years for these kinds of investments.