Bernard Aybran

“Our balanced portfolio keeps its underweight equity position. Two main holdings have been reduced. First, we redeemed the remaining position in the CAAM fund because its volatility surged during the second half of 2007. Second, our reducing the JOHCM holding is mainly on an asset allocation basis: a big part of its holdings is on medium-to-small caps, an area we believe has entered a difficult cycle. The proceeds have been left in money markets. Going forward, the main opportunities should be found in emerging markets and some related themes – as natural resources and infrastructures.”