RBF UCITS Monthly - February 2016

         • US data releases were patchy; weak inflation concerns deepen
         • Yields on JGBs up to 10-years fall below 0%
         • Fund’s USD I Class up +2.71%; renminbi gains 0.61% against the dollar
         • Middle East holdings outperform

February offered some much needed respite from the extreme volatility witnessed in January.
Data releases out of the US remained patchy at best; the US ISM, one of the inputs into our
global growth model, showed worrying signs for global growth. The US labour market
continued to show strength and despite the rally at the end of the month, oil and the rest of
the commodity complex remained under pressure; heightening subdued inflation fears. The
yield on the benchmark US Treasury 10-year fell 19 basis points to 1.74%.

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