Bernard Aybran

“The balanced portfolio remained biased toward equity this month. Yet, some amendments have been made both on the fixed income and equity sides. First, we added an emerging debt holding, on the back of its resilience to the many US interest rates hikes so far. On the equity side, we took hefty profits on the mining holdings and totally reinvested them in some existing holdings. Lastly, we have reduced our holdings in a pan European equity fund whose manager has just left; while we did not take all the money off the table, we have chosen a conservative stance and cut our holding by half.”