Claudio Barberis

“Equity markets are still weak and recent data on the US economy make us cautious. We sold exposure to foreign exchange total return strategies and increased positions in emerging markets bonds, buying the AMEX Global Emerging Markets Absolute Return fund. The duration of the bond portion has been kept stable following a strong month for government bonds. We increased exposure to the Legg Mason Value fund, following its weak performance due to troubles in the US financial sector. On equities, we add some exposure to the European and Japanese markets, where we see a less critical situation than in the US.”