Bernard Aybran

“September was the month when contagion really took place. Indiscriminate and massive selling began on most asset classes, bar a few government bonds, considered safe heavens for some reason. As no fund in the portfolio disappointed, compared to what could have been expected, no change has been made on manager selection. The only –minor – change that has been made was on the asset allocation side, increasing slightly the equity part at the expense of fixed-income. At current valuation and sentiment levels, it appears the biggest upside lies in stocks.”