</item> <item> <description><div align="justify">03/09/2010</div> <div align="justify"></div><strong>LFP Convertibles 2010</strong> is arriving at maturity and performs more as a money market fund that as a convertible bond fund. Reconsider your position.<div align="justify"><p align="left"></p></div></description> <link>http://www.ufg-lfp.eu/Our_Opinion</link> <pubDate>Sun, 20 Dec 2009 00:00:00 +0100</pubDate> <pubDateParsed>2009-12-19T23:00:00</pubDateParsed> <title /> </item> <link>http://www.ufg-lfp.eu/</link> <ttl>1440</ttl> <title>UFG-LFP: Our opinion on markets</h1> <article> <p>Sun, 20 Dec 2009 00:00:00 +0100</p> <div align="justify">03/09/2010</div>Opportunities are still to be had in sovereign debt. A high risk premium is associated with Greek peripheral country sovereign debt whereas UFG-LFP remains confident in their ability to reimburse. Consider <strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/LFP_Euro_Souverains">LFP Euro Sovereigns</a></strong> (19.49% as of 19/02/2010, of portfolio invested in Greek debt).<br /><br />Emerging countries benefiting from investment grade Moody’s ratings identical to those of certain US corporates offer higher spreads (278 bp for the JPMorgan EMBIGD index at 08/03/2010 - external sovereign debt in dollars – versus 160 bp for a corporate US investment grade Merrill Lynch index at 08/03/2010). Consider investing in <strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/LFP_Emerging_Bonds">LFP Emerging Bonds</a> </strong>to capture market opportunities.<br /><br />Prior to new legislation which should re-class subordinated debt, decreasing the associated risk premium, consider <strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/LFP_Libroblig">LFP Libroblig</a> </strong>and <strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/LFP_Sub_Debt">LFP Sub Debt</a> </strong>(French and Italian markets focus). </article> <article> <p>Sun, 20 Dec 2009 00:00:00 +0100</p> <div align="justify">03/09/2010</div> <div align="justify">Short-term interest rates remain low. For those who think it’s time to consider a change and anticipate an increase in rates: <strong></strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/LFP_Protectaux"><strong>LFP Protectaux</strong></a>.<br /><br />We believe that arbitrage strategies are gaining interest, especially in a market with no significant trends. Maybe consider <strong></strong><a target="_blank" href="http://www.ufg-lfp.eu/funds/UFG_Alteram_Multi_Arbitrages"><strong>UFG Alteram Multi-Arbitrages</strong></a>.<br /><br /></div> </article> <article> <p>Sun, 20 Dec 2009 00:00:00 +0100</p> <div align="justify">03/09/2010</div> <div align="justify"></div><strong>LFP Convertibles 2010</strong> is arriving at maturity and performs more as a money market fund that as a convertible bond fund. Reconsider your position.<div align="justify"><p align="left"></p></div> </article> </main></body></html>