Dario Brandolini

“Last month’s very positive performance of the equity markets suggests to us a more concentrated portfolio with a restricted number of themes. For the same reason we increased the investment in market neutral funds (JPM Highbridge Statistical Mkt Neutral) or with a low correlation with the equity market (CAF Dynarbitrage Volatility and JB Commodity Fund). On the bond side, we do not see many opportunities in the traditional investments. For this reason we still have a very diversified portfolio with total return bond funds (Henderson Absolute Return Bond, CS Target return), as well as convertible funds (GLG Convertible fund).”