Looking at the current and future scenario, we remain cautious in terms of overall risk taking. Some long-standing trends, such as energy crisis, deglobalization and the need for income redistribution, support a risk of persistently high inflation. 

The crisis in Ukraine has accelerated certain dynamics, generating a scenario of lower growth (especially in Europe) and structurally higher inflation. We think the best approach is to strictly monitor the overall risk level in our portfolio.

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