Bernard Aybran
“The equity part of the portfolio stands at around 47 per cent, but the risk profile has been somewhat reduced, and the pure money market part of the portfolio now stands at its peak of 20 per cent. Two positions have been trimmed: one on a bottom-up basis – CAAM Dynarbitrage International. The current volatility of the fund is not compatible with a 5 per cent holding in a balanced portfolio. The other is ML Focused Value, but rather because of an asset allocation inflection toward a more conservative, bigger caps stance. The portfolio remains concentrated on 14 holdings.”
AMOUNT (E) FUND
20,000 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 JOHCM Europe Select Value (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 CAAM Dynarbitrage International (Sovereign Debt)
2,500 First State China Growth (China Equity)
