Bernard Aybran

“Similar to 2011, 2012 opened with a full-fledged ‘January effect’, and a 180 degree reversal of fortune as well. Partly triggered by the first round of LTRO, renewed appetite for risky assets boosted last year’s laggards. The funds in the portfolio performed generally in line with what was expected. Only two among the alternative holdings behaved significantly differently, one performing strongly and the other one pretty much unchanged. We will endeavor to diversify away from too directional a risk on Western stocks. While markets felt a great relief in January, the European economy did not.”