Bernard Aybran

“The balanced portfolio remains basically unchanged this month. Though it is more rewarding to be invested in stocks rather than bonds, from a risk return point of view, stock markets may be heading to some kind of setback in the short run. The returns have been largely impressive on many asset classes, in Europe or in the emerging markets; the US is still lagging and Japan at last witnessed a brutal and long awaited halt in its stellar progression. Going forward, a reasonable pause in the stock market progression could lead us to increase our equity holdings, probably in some emerging markets.”