Bernard Aybran

“The equity exposure of our balanced portfolio stands at its lowest by now, at 35 per cent. The remaining Asian exposure has been removed. Some credit risk has been brought back, through the investment in a corporate high yield bond, with an emphasis on the US market. Corporate spreads have skyrocketed, whereas default rates are staying at or near their lowest ever. Still, due to the terrible market sentiment, our holding in the Goldman Sachs fund remains relatively modest, but should be increased as soon as a certain sense of confidence will be back in the market.”