Bernard Aybran

“During March, we have allocated more money to opportunistic funds. While keeping the asset allocation mostly unchanged, we added a new pan European equity fund, chosen for its ability to outperform since mid 2008, ie both in a violent bear market and in the impressive reflexive rebound that followed. Besides, the pure small caps holding has been increased somewhat, because of better earnings perspectives and relatively subdued investors’ inflows. On the asset allocation side, we have trimmed the shorter end of eurozone government bonds, in order to allow active fund managers more room.”