Claudio Barberis

“With equity markets on the ­downtrend, and volatility on the rise, we prefer a well-diversified portfolio. The duration of the bond portion has been increased, but we remain ­convinced that well-managed total return products can be a significant source of non-correlated return. On equities, we have chosen some very active managers trying to ­generate alpha with both bottom-up and top-down ­strategies. The market conditions suggested that sectors plays like MLIIF W.GOLD$ and ING Invest Utilities I and funds focused on large caps with global appeal are able to cope with an economic downturn, like Morgan Stanley Global Brands and M&G Global Leaders.”