Claudio Barberis

“This month we are not changing the composition of the portfolio. The equity exposure has a bias toward the European equity markets (Alken, HSBC, Elan). The US equity exposure is limited, also because of the weak dollar environment, while the Asia strategy managed by Aberdeen invests both in developed and emerging countries ex Japan. The bond portfolio has a short duration, with a preference for absolute return and credit strategies. The alternative funds are giving a strong diversification benefit to the portfolio, delivering positive performance year to date.”