Claudio Barberis

“This month we are reducing the fixed income portion of the portfolio, selling the Deka Euro Renten Total Return fund. We are maintaining the same equity portfolio as in the previous month and adding to the alternatives positions with the HSBC GIF-GL Macro, which is a Uicits III compliant tactical asset allocation fund. The overall estimated duration of the portfolio remains low, with a bias toward credit risk. The equity portfolio is still concentrated in value and large caps. The geographical composition of the portfolio shows a preference for European equities and euro denominated bonds.”