Bernard Aybran

“The third quarter turned out to be one the bests for decades, with most major asset classes appreciating over the period, both on the fixed income and equity side. Our balanced portfolio enters October with half its assets invested with funds that enjoy a broad spectrum of investment opportunities, whether labeled “alternative” or “fixed-income”. Half the equity portfolio is invested in Europe, one of the cheapest areas around, and probably the least loved by investors. Going forward, something has got to give: whether government bonds or stocks are pointing to the right direction. Both appreciating so fast might prove unsustainable.”