Bernard Aybran

head of manager selection, Invesco

Based in: Paris, France

“The asset allocation has remained broadly unchanged between last November and early January, with an equity holding at half the total assets. A fourth European Equity fund has been added, focused on smaller companies, a part of the market less prone to macro hick-ups. Another important decision at the top-down level is to be over-weighted on government bonds, at least through a directional, pure-play holding. Instead, we are keeping our fixed income investment with diversified, nimble, go-anywhere active fund managers. Going forward, the equity weight may be increased, provided part of the early-January frothy enthusiasm fades away.”