Bernard Aybran

“The behavior of major markets clearly changed early in the second quarter of this year. As a consequence, we further increased our exposure to fixed income. All fixed income funds in the portfolio are actively managed, many of them through a broad array of markets, both in terms of geographic and rating focus. On the equity side, the European exposure has been trimmed some more, leaving US and emerging investments as the bulk of the investments. As the Euro crisis unfolds, mitigating the risky assets volatility remains key to a balanced portfolio management.”