Bernard Aybran

“While valuations are by no means a timing indicator that should directly trigger buy or sell decisions, it gives a meaningful information to investors. Am I buying something that is expensive or cheap? As far as major European markets, valuations are clearly supportive, explaining their high weighting in our balanced portfolio. However, prevailing high level of risk aversion leads us to favour nimble fund managers. The latest move to the portfolio has been a redemption of the pure high yield debt investment, considering the risk reward balance now points to equity instead.”