The firm manages, on a discretionary basis, portfolios for high net worth individuals. These portfolios typically cover a global mandate and we always aim for absolute returns. We use the S&P 500 Index as a reference point but not as a benchmark. We consider that our mandate is to protect the capital of our clients in bad times and to make or exceed the returns of that index in good times. In order to achieve this challenging goal, the firm uses proprietary techniques and focuses on asset allocation.