Difficult 2018


We were able to largely protect our clients’ assets in what was a difficult 2018.

Our balanced mandates in EUR and CHF suffered small losses of between –2 and –4%.

These were minimised through our recommendation of a reduced 30 to 35% share quota in May 2018, a selection of defensive sectors and a high proportion of alternative investments. In the first few months of 2019, we generated returns of between 8 and 10% with the same strategy . The share quota, which we increased again in mid-December 2018, was a contributory factor, but we also reduced risks at the beginning of March in the current year. We will carry out a review of tactical asset allocation in the summer months.