Claudio Barberis

“This month we are decreasing the duration of the fixed income portfolio a bit, selling part of the BlackRock Euro Bond fund and increasing the Vontobel Abs Return Bond Fund. We keep constant exposure to the fixed income markets, where government bond spreads have been moving in very diversified manner in the last few months, opening trading opportunities for absolute return investors. On the equity market we maintain the previous exposure, with a bias toward value and Europe. We are not changing the alternative investment position.”