Bernard Aybran
“The defensive tone of the balanced portfolio has been maintained this month, with very little change month on month. The only, really modest, movement that has been done is redeeming one of the two French equity investments, to reinvest half of the proceeds in US growth stocks. This is the second part of a move that had been initiated last month. Going forward, we would expect our overall exposure to remain rather low. But at some point, with so many markets so cheap, a good floor should be found for some sort of (bear market?) rally.”
AMOUNT (E) FUND 40,000 Saint-Honore Securite (money market) 20,000 MultiAlternatif Equilibre (fund of hedge funds) 7,500 Centifolia (French equity) 7,500 Franklin Mutual European Equity (Europe equity) 7,500 GS Global High Yield (corporate high yield) 7,500 Skandia US Large Caps Value (US equity) 5,000 L Select - US Select Growth (US equity) 5,000 PIM Yield Growth (global equity)
