Bernard Aybran

“While ‘this time is different’ are the most dangerous words in asset management, we have to admit we are having a hard time keeping some things unchanged. In particular, finding diversification is becoming a major challenge. Now that so many sovereign issuers have fallen on the risky side of markets, ‘risk free’ assets are an endangered species. Thus, a handful of fixed income fund managers, operating under ‘bonds’ or ‘alternatives’ remain at the heart of our portfolio. Systematic or discretionary, very focused or broadly diversified, they all help not getting a ‘one way portfolio’.”