Bernard Aybran

“Our balanced portfolio remained broadly unchanged last month. Indeed, the trends in place on major markets remain broadly intact. Investors keep scratching their heads in search of reasons to worry. Where the consensus was expecting some kind of landing (hopefully of the soft kind), what we get are sound figures so far, generally stronger than previously expected. Thus, in this context, our portfolio remains mainly invested on one of the cheapest areas around: Europe. One fifth of the equity portfolio is on US markets. The fixed income portfolio has managed to produce positive returns in January, while interest rates were trending up.”