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In 2015, our strategy was put to the test. Uncertainty in the face of monetary policy, disorderly currency movements and collapsing oil prices all fueled market volatility, particularly in the second half, in this context, the quality of the assets in our portfolio allowed us to deliver solid results, confirming the soundness of our strategy. While not immunizing our portfolio against market movements, our strategy makes it more resilient in turbulent times.

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