Claudio Barberis

“This month we are changing the Asian equity portfolio, selling the Vitruvius Japanese sicav and adding the Aberdeen Asia Pacific fund, to target a broader exposure to the Pacific area. We are also slowly reducing the duration of the portfolio adding to the European equity market with the Alken fund. Our bond portfolio is now biased to corporate bonds and total return bond strategies, while the equity portfolio is overexposed to the European market that underperformed recently. We still favor value managers (both european and global) and keep a position in the gold markets.”