“We replaced M&G American Fund with Schroder ISF US Small & Mid Cap Equity, because the latter has been performing slightly ­better. We feel comfortable with this investment and do not believe in a hard-landing recession scenario of the US ­economy as there is much potential for other future interest rate cuts by the Federal Reserve Board. Concerning European Equities, we bought HAIG MB Max Value, which convinced us with a 10 per cent performance YoY. On the bond side, we opted for an ­inflation-linked bond protecting against global inflation threats.”