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By PWM Editor

“The balanced portfolio has been slightly tilted toward Japan during March. An extra manager, Pictet, has been added in order to invest in an all caps fund, focused on mid to large caps but with a flexibility to invest. The setback Japanese large caps have been going through during the first quarter seems excessive: the situation is constantly improving in Japan, from a macro and a bottom-up perspective. To keep the equity weight roughly unchanged at 57 per cent, part of the US equity investments have been redeemed.”

 

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