As at beginning of November, the fund's net equity weighting is 28% (51% minus 23% hedged through the sale of futures). The geographical allocation of the equity portfolio is 24% Europe (net exposure: 8%), 16% North America (net exposure: 9%) and 11% Asia. The portfolio's sector allocation remains defensive with "Asia" and "dividends" as the main investment themes.

The bond allocation currently stands at 35% (29% government bonds, 6% corporate bonds). The percentage of bonds that are not denominated in euros remains at 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: