Claudio Barberis

“This month we are not changing the tactical portfolio. The absolute return bond strategies of Julius Baer and Vontobel are performing well in the bond markets. The M&G corporate fund provides the exposure to the corporate carry, while with the Allianz Euro Bond strategy we maintain some duration on the government curves. The global macro strategy of HSBC has gone across a period of unexpected returns volatility, but is still delivering positive performance year to date. Due to high uncertainty in the macro picture, we stay invested in gold markets and well diversified in the world equity space.”