Bernard Aybran

“Equity and bonds allocations remained unchanged month on month, even though the risk profile changed somewhat. On the equity side, we increased the emerging Asian exposure some more. A new holding has been added to the portfolio: a European long-short sector-focused Ucits; with a live track record over up and down markets, the skills of the team have been successfully tested. Their proven ability to keep their risk profile under control helps switch some low risk assets to this vehicle. On the fixed income side, a slightly shift out of long-dated euro government was implemented.”