Lionel De Broux

“July was a strong month for both our fixed income and alternative allocation. In particular, the DBX Systematic Alpha strongly rebounded by 4.5 per cent compared to a balanced benchmark which lost close to 1 per cent over the same period. Our allocation to natural resources and our position in BGF Global Allocation were also strong performance contributors. We have decided to implement some changes in the portfolio: we switched DWS I allocation into MFS Global Equity funds, we sold our exposure to US Small Caps and opened a new position in BL Global Flexible.”