Claudio Barberis

“This month we are reducing the equity beta, selling part of the M&G Global Leaders and of the Alken European Opportunities, to smooth the exposure to the emerging markets and the positioning on European equities. We also reduce the HSBC Global Macro holding.

The proceeds are invested in the Amundi Convertibles fund: credit spreads are fairly priced, implied volatility is low and inflows are strong, making the asset class still an attractive investment proposition, even if valuations are now less compelling than a year ago.”