Sextant Grand Large is a diversified and flexible fund aiming to international equities, fixed income securities and cash, with a significant safety margin. Exposure to shares may vary from 0% to 100%, depending on the attractiveness or expensiveness of the stock markets, based on a proprietary model that combines a valuation process (using the Price/Earnings ratio of each major Index over a 10-year horizon) with a bottom-up stock selection. As such, the net in equity exposure would increase as the stock markets become cheaper than their historical valuations. The stock selection leverages on the strong expertise of the firm and tradition of a professional equity value manager. Any assets not invested in shares are invested into monetary products or bonds. This approach has proven to generate alpha, while maintaining the fund’s volatility below its benchmark.