Bernard Aybran

“February has been particularly tough for most markets. On this adverse backdrop, both our European and US equity funds have outperformed their respective markets. The only changes to our balanced portfolio are asset-allocation-related, rather than fund picking-related. Going forward, we will keep a strong emphasis on sticking with the more reliable fund managers, both with regards to their management skills and to the soundness of their firms. This is one reason why the part of the portfolio invested with boutiques has been reduced for some time. For the next few weeks, major fund managers should remain the main part of our holdings.”