Bernard Aybran

“A slight move toward European debt has been made in August, focused on two active managers able to invest widely on the debt market, whether sovereign, corporate investment grade or high yield. Sharp moves on both spreads and interest rates make it all the more valuable to have a reliable and experienced team to move across the whole spectrum. The rest of the portfolio remains broadly unchanged. Performances are satisfactory across the board, with a caveat on European funds: the daily moves of financial stocks can make or break the return, as they account for one quarter of the market.”