Claudio Barberis

“This month we are not changing the portfolio. The duration of the bond allocation is low, with a preference for absolute return strategies and corporate bond funds, so the exposure to the pure euro government market is mixed with other bond market risk sources. The equity portfolio is diversified geographically and, in terms of management styles, with a small bias toward European markets and active strategies. The BlackRock Gold fund is used as a hedge against macroeconomic and monetary policy uncertainties. Global equity and Pacific area funds allow us to keep exposure to the emerging market growth opportunities.”