Bernard Aybran

“The structure of our portfolio has remained broadly unchanged over the past few weeks, with still no allocation to money market nor to any pure, directional government bonds fund. Although both are yielding so little, it does not mean investors should flee fixed income as a whole. But rather, it implies they keep looking for talented and nimble active fund managers, who can use a broad array of debt instruments. On the equity side, the small, diversified US equity holding has been replaced by the only index-tracking position, on IT stocks. As 2010 comes close to an end, diversification remains key.”