Bernard Aybran

“The balanced portfolio has been amended due to both top down and bottom up considerations. The European equity holdings have been increased, in particular to emphasize the eurozone at the expense of global stocks. From a bottom-up perspective, the emerging debt holding has been increased to profit from an improved yield of the portfolio. Second, the two new European equity funds added are quite different from each other: one is a high conviction, high turnover portfolio while the other has a much lower tracking-error.”