Georges Wolff

“While the market has continued its rebound in April, we have decided not to increase our equity allocation and to rebalance the portfolio in order to take some profit. However, we have made several changes in underlying funds both on the equity and the fixed income side. Concerning fixed income investments, the allocation has been switched to less directional funds or to such funds that can generate higher alpha in volatile markets. For the equity position, we have decreased our bets on value tilted investments and reinvested the proceeds in emerging market equity funds, which we expect will be the first to come out of the crisis.”