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Luca Pesarini on the current market situation

“There is a clear deleveraging process taking place at the moment. Deleveraging affects every investor and asset class, independent  of whether you hold good or bad quality assets. Leverage has built up in the financial system over the last 10 years. Even though the external shock, with COVID-19 is different, we have also seen this deleveraging phase and survived it in 2008. In our portfolios we need to be defensive and take care,  focus on our liquidity; not take unnecessary risk and focus on the stability of our funds for our investors”.  

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