Dario Brandolini

“Increasing risk aversion and unclear signals from macro data, have made us more cautious. Hence we have maintained adequate level of equity risk in the portfolio in spite of volatile markets. On the other hand, we have reduced the beta and the number of themes and sectors within the portfolio. On the bond side, we see few opportunities in traditional investments. Therefore, we still have a very diversified portfolio with total return bond funds, convertible funds and volatility funds. In general, we have been building a little less risk into the portfolio while remaining moderately optimistic.”