Claudio Barberis

“This month we are changing the portfolio to further increase the diversification of the asset allocation. We introduce an emerging markets bond fund managed by Morgan Stanley and reduce the exposure to European equity funds. We also cut the alternatives positions, in particular the HSBC global macro strategy. In the bond markets we again add to the Vontobel Absolute Return fund that behaved well in the August euro debt crisis. The credit part of the portfolio remains unchanged, with a European product (M&G), a global one (Western Asset) and an absolute strategy (Henderson).”