Bernard Aybran

“With major markets somewhat stabilising for the most part of March, the risk profile of our balanced portfolio has been slightly increased, both on the equity and the fixed income sides. Whereas no new holding has been added, we have increased exposure to more growth fund managers, whereas exposure to the more conservative ones remained unchanged, despite their strong underperformance for March. The high yield corporate position initiated in February has been increased to seize the re-opening of the market. Going forward, new markets scenarios may imply some switches in our fund managers selection.”