Bernard Aybran
“February has been particularly tough for most markets. On this adverse backdrop, both our European and US equity funds have outperformed their respective markets. The only changes to our balanced portfolio are asset-allocation-related, rather than fund picking-related. Going forward, we will keep a strong emphasis on sticking with the more reliable fund managers, both with regards to their management skills and to the soundness of their firms. This is one reason why the part of the portfolio invested with boutiques has been reduced for some time. For the next few weeks, major fund managers should remain the main part of our holdings.”
AMOUNT () FUND
20,000 Powershare EMTS Cash 3 Months (money market)
17,500 GS Euro Government Liquid Reserve (money market)
10,000 Invesco Gloabal Absolute Return (GTAA)
7,500 Ishares € Government Bond 1-3 (fixed income sovereign)
7,500 Lyxor Euro MTS 7-10 (fixed income sovereign)
7,500 Blackrock World Energy (energy globa)l
5,000 Centifolia (French equity)
5,000 L Select - US Select Growth (US equity)
5,000 Invesco Pan-European Structured (Europe equity)
5,000 Magellan (emerging equity)
5,000 Skandia US Large Caps Value (US equity)
2,500 Muzinich America Yield (high yield)
2500 Lyxor FTSE RAFI Japan 100 (Japan equity)
