Lionel De Broux

manager selection specialist, IPCM, ING Private Management

Based in: Luxembourg

“January saw disappointing performance of the emerging markets and the rebound of value versus quality growth. While we have been hurt by our exposure to both emerging market equity and debt, the impact of the correction was mitigated thanks to our style diversification. Main changes that have been implemented are in the hedge fund and fixed income areas. We sold our position in the Aviva Absolute TAA, replacing it with DB Platinum IV DBX Systematic Alpha. We also opened an exposure to GAM Star Emerging Market Rates, funded via a reduction of our directional exposure to emerging debt.”