Bernard Aybran
“Our balanced portfolio keeps its underweight equity position. Two main holdings have been reduced. First, we redeemed the remaining position in the CAAM fund because its volatility surged during the second half of 2007. Second, our reducing the JOHCM holding is mainly on an asset allocation basis: a big part of its holdings is on medium-to-small caps, an area we believe has entered a difficult cycle. The proceeds have been left in money markets. Going forward, the main opportunities should be found in emerging markets and some related themes – as natural resources and infrastructures.”
AMOUNT (E) FUND
25,000 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)
5,000 Kinetics Paradigm (US equity)
5,000 Oyster European Opportunities (Europe equity)
5,000 PIM Yield Growth (global equity)
5,000 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 Skandia US Large Caps Value (US equity)
5,000 Tricolore Rendement (French equity)
5,000 Victoire Oblig Internationales (global fixed income)
2,500 First State China Growth (China equity)
2,500 JOHCM Europe Select Value (Europe equity)
