Bernard Aybran

“The balanced portfolio remained invested in the same vehicles over the past month. All funds managers are faring well in the current environment, and the core choices remain unchanged. Basically, the duration risk is mainly avoided, as pressures remain for interest rates to rise in most regions. Second, FX exposure is limited to its minimum, and, whenever it is possible, managed as an asset class, by experienced fund managers. Last, the portfolio remains fully invested, with a zero cash holding, as we find plenty of opportunities on many markets, and skilled people to profit from them.”