Dario Brandolini

“August was a very volatile month in the markets, due to the fear that US subprime crisis would affect the world economy. Very few asset classes and investment processes delivered positive returns while a lot of them suffered high capital losses. We remain cautious both on the bond and the equity side. Our bond portfolio is positioned on a high duration fund (AXA 10+) as a hedge on the markets, and is diversified with some total return funds (currency, statistical arbitrage, global allocation). Our equity portfolio, as well, is invested in defensive funds and some growth funds invested in technology less hit by the recent market collapse.”