Bernard Aybran

“Although it sounds unfashionable for a fund manager to say he has not done much to reshape his portfolio, lately, this is exactly what we have been doing since the very beginning of November. Today more than ever, the trends are our friends. Europe is where the markets seem to offer the more upside potential, because it is cheaper and gives investors a better dividend yield. And we are staying pretty much biased toward our natural resources funds, which add up to 15 per cent of our portfolio.”