Dario Brandolini

“We remain slightly cautious on equities since concerns about a ‘hard landing’ for the global economy have not diminished. On the other side the valuation case for equity continues to be supportive. This more pessimistic stance is reflected through our reduced exposure to specific sectors and themes. We maintain a cautious stance on the bond side with a very diversified portfolio. In the portfolio we included total return bond funds, as well as convertible funds. At the same time we are still invested in bond markets outside the euro area with Invesco Sterling Bond and the Parvest Dynamic ABS fund.”