Bernard Aybran
“Our balanced portfolio remains pretty much unchanged month on month, still as low as 35 per cent on equity funds. Some risk has been added on the fixed income side: our holding in high yield corporate has been brought from 5 per cent to 7.5 per cent. On the equity side of the portfolio, the 2.5 per cent holding in JOHCM Europe SV has been replaced by a similar holding in US Growth stocks, managed by Edgewood. Opportunities are emerging in major markets, most of which are discounting a severe recession, making valuations attractive. But it can be very costly to come back in too early.”
AMOUNT (E) FUND 37,500 Saint-Honore Securite (money market) 20,000 MultiAlternatif Equilibre (fund of hedge funds) 7,500 GS Global High Yield (corporate high yield) 7,500 Centifolia (French equity) 7,500 Franklin Mutual European Equity (Europe equity) 7,500 Skandia US Large Caps Value (US equity) 5,000 PIM Yield Growth (global equity) 5,000 Tricolore Rendement (French equity) 2,500 L Select - US Select Growth (US equity)
