Claudio Barberis

“We are not changing the asset allocation of the portfolio. The bond portfolio is diversified in terms of currency exposure and credit investments. The duration of the bond investments is low with a focus on flexible mandates. We keep the exposure to the emerging market debt universe with a local government fund. The equity porfolio is invested globally, with a small bias towards Europe. In the alternatives investment we are not changing our previous choices, with a global macro, an arbitrage strategy and a long short equity fund.”