Bernard Aybran

head of manager selection, Invesco

Based in: Paris, France

“Yet again this month, the high level asset allocation has remained unchanged, with half the portfolio invested in equity funds. Similar to the end of 2010, a zero direct weighting on government bonds has been kept. The only change made to the equity part is a bigger tilt towards the Eurozone, through a very active stock picker. A fourth fund has been added to the fixed income part: a pure global high yield corporate fund, managed in a very conservative way, aiming to minimise the default likelihood by focusing in smallest or non benchmark issues.”