Context: Concerning the recent drop in oil prices what is the fund exposure to this sector
Impact for the fund: Non event
Out of the 3.51% (USD fund) & 2.6% (EUR fund) exposed to Oil&Gas, 2.7% for the USD fund and the whole position for EUR fund is within Trafigura. Trafigura is oil-price neutral and actually benefits from volatility on oil price as well as the fact that the market has turned into contango.
The remaining exposure or the USD fund is divided between Puma energy holding and Gran Tierra which from the credit standpoint are both quite decorrelated from oil prices and we feel very comfortable with their fundamentals, more in the specific. The 0.09% in energy related is a company involved in renewable energy and not related to the oil price.