Bernard Aybran
“The overall balance of the portfolio has not changed much over the month. A new holding was added on the US equity side totalling 15 per cent of the portfolio over four funds: Kinetics, Merrill Lynch, PIM and Skandia. The extra holding is managed by Epoch Investment Partners. New Star European Growth was sold. Its sector positioning does not fit in where we intend to position our portfolio at present. We intend to seize any pullback on emerging markets to add up to this small holding, which accounts for 2.5 per cent of the portfolio. But the pace of the recent performance has prevented us from adding to it now.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
17,500 Saint-Honore Securite (money market)
7,500 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 CAAM Dynarbitrage International (sovereign debt)
5,000 Centifolia (French equity)
5,000 Franklin Mutual European Equity (Europe equity)
5,000 JOHCM Europe Select Value (Europe equity)
5,000 Kinetics Paradigm (US equity)
5,000 ML US Focused Value (US equity)
5,000 Oyster Europen Opportunities (Europe equity)
5,000 PIM Yield Growth (Global 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 New Star European Growth (Europe equity)
