Bernard Aybran

“Our balanced portfolio keeps its bias toward equities. Markets have lost some ground in October, which has been seized initiating some holdings, in particular, a diversification away from Europe towards the US and Japan. However, the ongoing period of rate increases around the world prevents us from being too aggressive on the equity weighting of the portfolio: inflation fears may prove being a serious headwind for most markets, with the exception of Japan, where it would be seen as a return to a more healthy economy. The US holdings have been increased because of the lag.”