Bernard Aybran

“The overall balance between stocks, hedge and fixed income funds remains unchanged this month, still reasonably biased towards equity. This is not what we had expected a month ago but May turned out to bring the stock markets cheaper than they were before: it appeared to us a large part of the decline had gone too far. We are slightly reducing our holdings in Japan, although this may be one of the most top-shaped economies around, but the volatility has become huge on this market and we do not want to capture this much.”