Bernard Aybran

“Not much has changed in our balanced portfolio: the balance between fixed income, hedge funds and equity remains in favour of equities. The number of fixed income funds has fallen to four, mostly by focusing on the most nimble ones. On the equity side, the focus remains on Europe, with some diversification in the US (12.5 per cent) and China (1.5 per cent). Going forward, the portfolio should remain pretty unchanged, except if earnings growth really surprise on the downside; but the probability of it appears somewhat tiny, if the slowing of the global economy remains under control.”