Bernard Aybran

“Though it is quite unusual for our balanced portfolio, there has been some turnover lately, in both the fixed income and the equity parts. On the fixed income side, we are going for risk aversion as we have sold our whole hard currency emerging debt, which had been in the fund for a long time. On the equity side, we have sold the high income European equity funds and increased the non-European investments. Going forward, we have not turned bearish on stocks. All the trouble over the summer will at some point, create an opportunity.”