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By PWM Editor

“Markets have been weak in July. For the first time in a few months, bond markets have behaved as a hedge against equity markets. We are still investing in defensive equity funds, starting a position in the ING European High Dividend. We also increased our convertible bond exposure, because of the very conservative pricing of many convertible issues. We keep our exposure to long duration bonds (AXA 7-10) on the view that inflation will peak in the next few months.”

 

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