Bernard Aybran

“The quest for diversification remains tough. Three months into 2012, the risk on/risk off behavior remains a major feature of financials markets across the board, whether equity or fixed income. This backdrop leads us to further diversify the array of approaches we include in the portfolio: while the number of equity holdings remains unchanged, one pure US fund has been removed, adding a new fund, which is broadly diversified worldwide, with a conservative, off-benchmark approach. The bulk of the portfolio is built in order to look for diversification instead of mono-directional.”