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By PWM Editor

“We are keeping our equity weight at 60 per cent of the portfolio unchanged. But, once again, we have biased our holdings towards a more defensive stance. First, we have added to our more defensive funds both in Europe and the US - typical value or stockpicking focused on dividend paying stocks. We sold our Asian and tech funds in order to increase our commodity holdings, and, in particular, a fund focused on the oil and gas sectors - this sector is valued using $20 a barrel whereas we hardly imagine it below $25.”

 

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