Bernard Aybran

“The balanced portfolio is entering the summer on two main convictions. The first is it is no time to be too brave on the risk exposure. Then, the equity exposure is kept well diversified, in terms of styles as well as regions, with a meaningful non-euro exposure. The second major view is mostly expressed through the alternatives and fixed income holdings: safe haven bonds don’t offer any value by themselves and are growing more risky as the yields are decreasing. Then, both alternative and fixed income holdings are focused to a large extent on go-anywhere portfolios.”