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CIO UPDATE

Reduced portfolio risk

Foreword
Dear reader
Markets are likely to shift into consolidation mode after the strong first-quarter rally in all risky assets. This has prompted us to take profits on some of our positions in recent weeks and we have adopted a more defensive approach to our equity positioning in developed countries. Concurrently, we are focusing on the ongoing recovery in emerging markets, with emphasis on China as it offers the greatest potential, in our view. With interest rates at low levels and an impending reversal in the global business cycle, emerging market and high-yield bonds have also retained their appeal. Having recently reduced the risks, we are now much more cautiously positioned within our portfolios than at the start of the year.
Yours faithfully
Philipp E. Bärtschi, CFA
Chief Investment Officer

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