“This month we are reducing the equity portion of the portfolio, selling part of some equity funds (Vitruvius European Equity and M&G Global Leaders) and moving toward fixed income (Julius Baer Absolute Return). The funds choice remains stable, biased toward absolute returns in fixed income, credit exposure and contained duration. The equity portion of the portfolio overweighs dividends and global value funds. The commodity theme is still played through the BlackRock Gold fund. Short duration and gold exposure will help the portfolio in the current very challenging market conditions, with high risks related to monetary and fiscal policies around the globe.”