May performance

May was a tough month with model 3 suffering some reversal in assets.
Model 1-2 defended themselves being allocated on euro high yield.

On the other side, the super-diversified models 4 had a good month, even if they lagged their benchmarks. But it's built to give a better risk/reward rather than beat benchmark on absolute terms.

June is going to be a tough month as well, with abrupt moves caused by Brexit.
It ise an high volatility environment. In the last 2 days, euro high yield suffered a lot.
On the other side euro govies (core) are rallying with Bund 10y below 0% for the first time.
Dollar is rallying as well, together with Japanese yen, while European stocks crashed. Sterling is suffering as well, as Brexit -side is increasing support according to polls.

At the end of the month it could be a different story, if Brexit dosn't materialize, but what is sure is that with a zero-negative bond rates worldwide, is very difficult to have a good asset allocation.

"Thank you" Mario again...
i want to see how insurances and pension funds will be able in the future to offer decent returns...
NIRP is an extra-tax on our savings.

PS: don't know if in July, my models will allocate on euro bonds, but eventually, I won't invest in that signal . I can't accept to pay a government that borrows my money...