“Global conditions are still very challenging. We maintain a much diversified exposure to equity products and a significant allocation to emerging markets bonds and spread products. We are still exposed to energy and commodity related funds that have low or negative correlation with the MSCI World. Due to uncertainties over the inflation outlook, we have reduced exposure to euro bond markets by selling part of the AXA WF 7-10yr and have introduced the Parvest Absolute Return Bond. We still keep significant exposure to Asian and Japanese markets.”