Bernard Aybran

“Going into March, the balanced portfolio keeps favoring stocks over fixed income; with interest rates hikes being announced by central banks, our bond managers are rather short on duration, or may even profit from interest rates increases. The equity part stands at 57 per cent of the portfolio, globally diversified with still a forte on Europe, whose listed companies keep growing their revenues at an impressive pace and still trade on pretty cheap levels. Our positive stance toward natural resources and commodity-linked stocks is still sizable. Investments in Chinese and Russian markets have been initiated, adding on to 5 per cent of the overall portfolio.”