Please find attached the Schelcher Prince reports at end January 2010.

 Credit:

 All of management is invested (in principle) in private-sector bonds (euro and Europe) and is not concerned by the worries about Greece, Spain, or Portugal. More than ever, the quality of bond picking will be a decisive factor in performance. 

- Schelcher Prince Court Terme : The fund's performance was 0.17% for January, compared to 0.03% for eonia, for a volatility of 1.06%. The expected yield for 2010 of 2%-2.5% makes this money-market fund (AMF), consisting of quality signatures on very short maturities, very attractive. Credit is the only performance engine: short, simple, clear, and legible securities. The average life is 0.45 and outstandings are at €325M today.

- Schelcher Prince Value Oblig.: The fund's performance at the new year was 1.4%, compared to a euro MTS 3/5 years at 0.31%. Rate sensitivity was 2.32% for a maturity of 2.96.

 - Schelcher Prince Haut Rendement : This High Yield fund has delivered performance of 1.88% since the start of the year. The actuarial yield is 6.78% for an average BB type portfolio quality. The portfolio's average life is 4.44. 

 - Schelcher Prince Horizon 2012 : This fund's performance at maturity, which is special in that it remains open, was 0.65% for the month and 17.82% since its creation on 30 January 2009.

 Convertibles:

The equity market slump at the new year provided a remarkable point of entry to this asset class. In addition, credit will remain an important source of added value in 2010.

 - Schelcher Prince Convertibles : Performance since the start of the year has been 0.81% compared to an ECI euro at -1.02% and a euro Stoxx 50 at -6.35%. Equity sensitivity is 17.1% compared to 33.7% for the E.C.I. The actuarial rate is 3.84% compared to 0.21% for the ECI euro index. Average maturity is 3.89 compared to 4.45 for the index.

 - Schelcher Prince Convertibles Global Europe : YTD performance is 1.50% compared to -0.44% for ECI Europe. Equity sensitivity is 22.8% compared to 32.9% for ECI Europe. Average maturity is 4.17, and actuarial yield is 3%. The average spread is 457, compared to 282 for the index.

This information is for professional investors according to the MiFID guidelines. They are purely based on facts and do not represent any investment advice.

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Court terme	Haut rendement	Convertibles	Convertibles Global Europe	Value Oblig	SP Horizon 2012