“This month we are maintaining the same portfolio of the previous month, with a neutral bias toward equity markets and a preference for absolute return funds over bonds. The credit component of the portfolio is still invested in the Axa Euro Credit Plus fund. The portfolio maintains a small duration in an economic environment where the high level of indebtedness of governments and the strong monetary stimulus make it risky to be long in maturities. We still like the gold theme as a diversifying strategy and the dividend theme as a conservative equity exposure.”