Credo

The deterioration in equity markets this year should not come as a complete surprise, the problems are not new. We became cautious in the middle of last year. But like all changes in trend, they rarely happen in an instant. Our overall strategy remains unchanged. The portfolio is focused on: short euro and EM currencies (focus Asia — with China a big factor). Long US dollar and to a lesser extent the yen; short global equities (with a focus on the US); short energy (oil); and small short bond positions, focused on Germany and Spain as well as Asian corporate debt.

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