Bernard Aybran

“The equity part of the portfolio stands at around 47 per cent, but the risk profile has been somewhat reduced, and the pure money market part of the portfolio now stands at its peak of 20 per cent. Two positions have been trimmed: one on a bottom-up basis – CAAM Dynarbitrage International. The current volatility of the fund is not compatible with a 5 per cent holding in a ­balanced portfolio. The other is ML Focused Value, but rather because of an asset allocation inflection toward a more conservative, bigger caps stance. The ­portfolio remains concentrated on 14 holdings.”