Bernard Aybran

“Sell in May and go away, they say. Though 2009 was not a good time to follow this advice, the first week of May pointed in that direction. As the objective of this balanced portfolio is not to time the market but to propose a sound balanced mix, the shift toward active fund managers has been pushed a step further. On the fixed income side, we replaced a euro government bond fixed income ETF with an active broad investment grade fund manager. On the equity side, we kept on increasing pan European investing from pure euro-zone exposure.”