Claudio Barberis

“This month we remain invested in the absolute return bond funds managed by Julius Baer and Vontobel. The Allianz Euro Bond Strategy fund is delivering a good performance through exposure to core euro government bonds. We maintain our position in gold markets with the BlackRock World Gold fund as a decorrelated bet and as a hedge against risk aversion increases. We sell the Vitruvius European and buy the Elan Euro Valeurs, managed by Rothschild & Cie Gestion. The M&G Global Leaders, the Oakmark Global Value and the BlackRock Gold fund provide exposure to foreign currencies and indirectly to emerging markets.”