Claudio Barberis

“We still consider global conditions very challenging for equity investors and keep a prudential bias in our portfolio. However, following the Fed’s strong support to the credit market, we added exposure to the corporate bond markets buying the UBS Euro corporate fund. We kept a much diversified equity portfolio, including core European products (we think euro markets are cheaper than US ones), global products and energy/commodity related funds that have low to negative correlation with the MSCI World. We sold the Parvest euro govt fund to finance the UBS corporate fund purchase: government bonds have been outperforming credit portfolios since the beginning of the credit crisis last fall.”