“This month again we have not changed the allocation of our portfolio. We maintain an overweight on the equity markets, biased toward the value, gold and dividend investment themes.

The fixed income allocation is concentrated in absolute return funds and has a limited duration exposure. We continue to be invested in dedicated corporate funds with the AXA Euro Credit Plus fund. The portfolio will benefit from the recovery trade with a protection against inflation surprises and fears about government indebtedness weighting on the long end of the yield curves.”