Bernard Aybran
“Our equity weighting now stands below 50 per cent. But the risk has been reduced on the fixed income side as well with a record 17.5 per cent of the total assets held in cash. The risk aversion seems to be running pretty high, and the fixed income market has been virtually closed for months. The current climate comes with a lot of overshooting: valuations used to be priced for perfection but are now beginning to be priced for the worst case scenario. Reasonable prices stand somewhere in between. Markets can be anything but reasonable and cash is king.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
17,500 Saint-Honore Securite (Money Market)
7,50 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 Franklin Mutual European Equity (Europe Equity)
5,000 ML US Focused Value (US Equity)
5,000 CAAM Dynarbitrage International (Sovereign Debt)
5,000 Victoire Oblig Internationales (Global Fixed Income)
5,000 Centifolia (French equity)
5,000 JOHCM Europe Select Value (Europe Equity)
5,000 Kinetics Paradigm (US Equity)
5,000 Oyster Europen Opportunities (Europe Equity)
5,000 PIM Yield Growth (Global Equity)
5,000 Tricolore Rendement (French Equity)
2,500 First State China Growth (China Equity)
2,500 New Star European Growth (Europe Equity)
