Bernard Aybran

“A couple of new holdings have been added to our balanced portfolio. One of them does not change the asset allocation in any way, which remains biased toward Europe, on the equity side: a new manager has been selected for its ability to move across the market cap spectrum, without any constant style bias. The other one, focussed on emerging external debt, aims to capture the carry on sovereign debt, with as little duration as possible. More broadly speaking, the portfolio remains mainly invested on nimble, go-anywhere fund managers, with a limited number of pure, directional investments.”