Alex Borer

“Our initial portfolio reflects a somewhat cautious outlook for financial markets. Although equity markets are deeply oversold and offer selectively compelling value, the downtrends are not yet broken. A capitulation move or a promising base building process would increase our risk appetite for equities. The continued deleveraging process of distressed market participants drove credit spreads into uncharted territory. We believe that current prices reflect very negative fundamentals and therefore attractive upside potential. Our asset allocation is: fixed income 46 per cent, equity 34 per cent, alternative asset classes 20 per cent.”