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By PWM Editor

“During the past month, our balanced portfolio suffered from our equity exposure due to the recent market correction. Our positions taken on European equities, as well as corporate/emerging high yield bonds, contributed negatively to performance. This was mainly due to the fall in Chinese equities after news on brokerage’s tax increase. Fortunately, in this context, our holding on Japanese and Asian equities appeared resilient. Thus, we decided to increase our stake on Japan convinced by strong fundamentals and supportive momentum.”

 

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