Bernard Aybran

“Major markets enjoyed a steady progression during the summer and entered September on a positive tone, even with oil hovering over $65 a barrel. The vigour of the market is even more impressive considering that the Fed has been raising its interest rates for over a year. Thus, our portfolio is 53 per cent invested in stock pickers, mainly in Europe and natural resources. However, we increased our US holdings, adding a new manager (Neuberger Berman): the US market is lagging all of the other major markets, which is to some extent justified by more expensive valuations, but not to that extent.”