Julien Moutier
“Returns on our portfolio were positive overall, supported by European equities and Euro fixed income investments. We fared particularly well from our defensive position in Uniglobal Minimum Variance Europe. However, Asian equities dropped dramatically due to increasing fears of a slowdown in the economy, and the Threadneedle Asia Growth fund contributed negatively to performance. We trimmed our position on volatility from 4 per cent to 2 per cent: this was invested in Centrale Long Vol. This enabled us to finance an increased position in Ecofi Quant Trésorerie Dynamique, which has recently slightly underperformed the cash market.”
AMOUNT (E) FUND
17,000 FundQuest Bond Opportunities (bond total return)
16,000 PAM Bonds Euro (core euro bond)
12,000 BNP Paribas Convertible Europe (European convertible)
9,000 Uni-global Minimum Variance Europe (defensive European equity)
8,000 Ecofi Quant Trésorerie Dynamique (enhanced cash)
7,000 Carnegie Fund European Equity (opportunistic European equity)
6,000 Lyxor Quantic Progressive (total return)
6,000 Raiffeisen 313 Trend Follower Bonds (Euro flexible bond)
5,000 AXA IM US High Yield Short Duration (defensive US high yield)
5,000 Franklin Mutual Beacon (defensive US equity)
5,000 Threadneedle Asia Growth Fund (core Asian equity)
2,000 Centrale Long Vol (volatility trading)
2,000 AXA Or et Matières Premières (commodities equity)
