Bernard Aybran

“The overall shape of the portfolio has been kept unchanged over October, but changes have been made in both fixed income and equity. The emerging debt has been halved, the proceeds being added to the Euro flexible debt holding. The all-cap US equity holding has been increased at the expense of the Nasdaq, which has been in the portfolio for quite a while, and very profitable. Finally, the emerging Asian equity investment has been refocused on a pure China investment: while China has been lagging major markets for a while, several tailwinds are now coming to support it.”