Claudio Barberis

“In the past two months the portfolio suffered the wave of risk aversion that hit equity and credit markets. The Euro debt crisis affected some of the Euro based strategies and in general all the risk assets spectrum.

Credit markets sold off as well as emerging markets bonds and currencies. Our portfolio remains diversified in geographical, currencies and instrument choice. The only change is a reduction in core Europe duration, with the sale of the Allianz Euro Bond Strategy, substituted with the Allianz Flexible Bond Strategy.

The alternatives portfolio remains unchanged.”