Bernard Aybran

“The overall allocation has been kept unchanged, though three holdings have been replaced late 2011. One of them (Meschaert) because the very independent fund manager left. Another one because of the asset class itself: while on average they have been hammered more severely than large caps, small caps enjoy, for several reasons, less potential for a rebound. The third former holding was sold because of an heavy exposure to emerging local currency debt, which are getting closely correlated to risky assets. On the back of it, the new holdings are bringing a more pan-European bias to the portfolio.”