Bernard Aybran

“January has been a tough month for most markets, even if Euro-denominated portfolios have been helped by the appreciation of the US dollar. Most selected funds have fared well on the month, with two major exceptions: the fixed-income sovereign ETF and the Absolute Return fund which have been net detractors to the performance. One new fund has been added to the portfolio, albeit in a very minor proportion so far: a high yield portfolio managed in a very conservative way by a specialised boutique. While it would be difficult to shrug off the highly attractive yields on this asset class, anticipated downgradings make us careful.”