Julien Moutier

“September proved to be a good month for risky assets. The equity portion of the portfolio invested in emerging and developed markets contributed significantly to its strong performance. Our defensive holdings of sovereign debt detracted from performance, as long term rates edged up. We expect the Chinese economy to achieve a soft landing, and so have introduced a commodity position which should benefit from recovering demand. We increased our exposure to the US high yield market, and reduced our exposure to euro investment grade paper, as the quest for carry will dominate the market in a low yield environment.”