Bernard Aybran

“The slight shift toward overweighting equities over the month has been made without increasing the risk profile of the portfolio. Profits have been taken from a highly volatile alternative fund and reinvested on a New-Jersey based US stock-picker, able to move quite far away from the benchmark weightings. This move brings the number of holdings to 14. Apart from that, the bulk of the portfolio has been kept unchanged, with an emphasis on nimble fund managers, on all asset classes. Going forward, battered European stocks managed by skilled active fund managers could bring a reasonable bounce to our performance.”