Claudio Barberis

“This month we keep a small duration exposure in the broad euro government market and a preference for absolute return funds (Julius Baer and Vontobel). We sold the BlackRock Euro Bond fund buying the Allianz Euro Bond strategy fund that has performed well during the government bond crisis. We stay invested in gold markets with the BlackRock World Gold fund as a hedge against risk aversion increases. We are not changing the non-directional investment in the HSBC Global Macro sicav. We maintain the exposure to the global big caps with the M&G Global Leaders sicav.”