Management selection team

Eurizon Capital

Based in: Milan, Italy

“A bad start to the year for the portfolio as a whole with performance below benchmark. The biggest detractor was M&G Global Basics, suffering from the set back in materials and commodities, together with the weakness in emerging stock markets. Vontobel Global ex US Equity was also a detractor. The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach. Equity exposure was raised by 5 per cent, while fixed income was trimmed by the same percentage. The Vontobel funds, a bit too defensive in our opinion, were dropped in favor of a more pro-cyclical positioning.”