Claudio Barberis

“In the past month the portfolio recovered from the lows of the euro bond crisis, benefiting from a rebound in European equity markets and a positive performance of foreign currencies versus the euro. The credit positions in the portfolio added value as well. We are not changing the structure of the portfolio. In the equity fund we are selling the Elan Euro Valeurs and introducing the Oddo Avenir Europe fund. The duration of the portfolio is still contained (mainly absolute and flexible strategies), with a fund selection broady diversified across credit, currency and geographical exposure.”