Claudio Barberis

“This month we are adding to the equity portfolio, increasing again the exposure to the M&G Global Leaders and the Oakmark Global Value. In this way we are adding to our position in the emerging markets equities. The European equity portfolio remains the most diversified with the Alken, HSBC and Elan funds. The bond portfolio is smoothly reduced through the sale of part of the Vontobel Absolute Return Bond fund. The credit portfolio is invested in a global credit total return strategy (Western Asset Management). In the alternative portfolio we are reducing the HSBC Global Macro.”