“The equity exposure of our balanced portfolio stands at 42 per cent. Short-term risks and long-term opportunities must be carefully balanced: stock ­markets worldwide have not been cheaper in the past 20 years, but risk aversion is culminating, so we have to add to our exposure, but carefully. For instance, we seized the opportunity to re-enter the Indian market, while reducing the European holding (Oyster fund) a little in order to keep the risk level roughly unchanged. On the fixed income side of the portfolio, we have redeemed the oldest holding of the portfolio.”