Our Robot Allocator further reduced the share of commodities in the Global macro portfolio and sold its BAL position (iPath Bloomberg Cotton Subindex Total ReturnSM ETN). The portfolio's other positions were overweighted accordingly.

BAL, weekly data :

 

We integrate the iShares MSCI Canada ETF  (EWC) into our Watchlist. This index is broad and well diversified, including 94 companies, and is composed of big companies mainly focused on the financial sector (42% of capitalisation), energy (23%) and mines (11%), the remaining 24% for all other industrial sectors and services.

We integrate into our Watchlist the China Small Cap ETF (HAO), composed of approximately 350 Chinese mid caps stocks, including 20% of industrials, 14% of technology and 15% of consumer goods. The good performance of the Chinese economy in recent months, coupled with a general trend in ramping up into the value chain, should increase the attractiveness of these mid size corporates

• The weekly chart shows that a bullish breakout is in process, with moving averages trending upward.

Our Robot Allocator reduced the share of commodities in the Global macro portfolio and sold its JJC Line (iPath Bloomberg Copper Subindex Total return). As a result other positions in the Portfolio were slightly overweight.

JJC, weekly charts :