Claudio Barberis

“In this month’s asset allocation, we maintain a small duration exposure in bonds, with a preference for absolute return funds (Julius Baer and Vontobel) and European corporates. We substitute the Axa credit plus fund with the M&G European Corporate bond fund. We stay invested in gold markets with the BlackRock World Gold fund. The equity portfolio is still biased toward European equities.

Overall our asset allocation is positioned to benefit from the global recovery, staying defensive about inflation and governments’ leverage connected risks.

We are not changing the non-directional investment in the HSBC Global Macro sicav.”