Bernard Aybran

“Our balanced portfolio enters the second quarter with a clear focus on active fund managers, both on the equity and fixed income parts of the asset allocation. Disappointing GDP growth in many major economies jeopardise earnings growths for listed companies. It is likely the dispersion of returns between stocks will remain high going forward. The equity portfolio increased its focus on Western markets, while the fixed income holdings remain targeted at assets that keep a limited correlation to stock markets, or, at least, are expected to dampen the overall risk level of the whole portfolio.”