As at beginning of October, the fund's net equity weighting is 27% (46% minus 19% hedged through the sale of futures). The equity allocation has slightly increased compared to early September when it stood at 22%. This is due to the rising markets but also to some new purchases, especially in the energy sector where ENI and Total are two examples of companies paying a high dividend and whose share price has barely increased since the beginning of the year.  The geographical allocation of the equity portfolio is 23% Europe (net exposure: 8.5%), 12% North America (net exposure: 7.5%) and 11% Asia. The portfolio's sector allocation remains defensive, particularly in Europe where dividends remain a major investment theme. The average gross dividend yield for eurozone equities (18% of the portfolio) is thus around 7%. The funds is not invested in financials.

Following the recent good performance of the bond markets, the bond allocation was reduced to its current level of 37% (31% government bonds, 6% corporate bonds). The percentage of bonds that are not denominated in euros has however been increased to 8.5%. Most of these bonds are in "commodity" currencies that should continue to benefit from the secular theme of the industrialisation of Asia.

In sum, the asset and currency allocation in BL-Global Flexible looks like this: