Claudio Barberis

“In November we added some risk exposure to our conservative portfolios. Markets continue to be very volatile, but interventions by Central Banks are starting to have an impact on money markets and spreads. We think this will slowly help markets stabilise, starting from financial and corporate debt. We increased our corporate holdings buying the Schroder Euro Corporate Bond Fund, and we reduced exposure to government bonds and absolute return funds. We also slightly increased our equity holdings buying energy funds and global big caps.”