Claudio Barberis

“In this month’s asset allocation we maintain a small duration exposure in bonds, with a preference for absolute return funds (Julius Baer and Vontobel) and European corporates (M&G). We stay invested in gold markets with the BlackRock World Gold fund. The equity portfolio is still biased toward European equities, where we are buying the Alken European Opportunities. Overall our asset allocation is positioned to benefit from the global recovery and stays defensive about inflation risks. We are not changing the non-directional investment in the HSBC Global Macro sicav.”