Julien Moutier

“Despite erratic markets we have finally benefited from our risky assets exposure since late July. Our defensive holding on European equities did particularly well in this context as well as our credit corporate (investment and high yield) and convertible diversification. Moreover our sovereign debt exposure performed also positively as investors anticipated lower inflation pace over the next 10 years. Since the economic environment remains uncertain and companies are still deleveraged, we increase our credit corporate exposure by 3 per cent on the Bluebay Fund.”