Bernard Aybran

“For quite some time now, fund managers’ offering has been adapting to investors’ needs, and regulation is catching up so much that the label “alternative” is starting to be somewhat blurred. Thus, though our formal allocation to alternative is down this month, while our fixed income allocation is up, the underlying idea remains unchanged: allocating capital to flexible fund managers. This month, a new holding is added, aiming to move across the whole fixed income universe, including currencies. Besides, the cash allocation still tends toward zero, as the part of the portfolio allocation to lightly constrained managers grows.”