Bernard Aybran
“Going into March, the balanced portfolio keeps favoring stocks over fixed income; with interest rates hikes being announced by central banks, our bond managers are rather short on duration, or may even profit from interest rates increases. The equity part stands at 57 per cent of the portfolio, globally diversified with still a forte on Europe, whose listed companies keep growing their revenues at an impressive pace and still trade on pretty cheap levels. Our positive stance toward natural resources and commodity-linked stocks is still sizable. Investments in Chinese and Russian markets have been initiated, adding on to 5 per cent of the overall portfolio.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
8000 Franklin Mutual European Equity (Europe equity)
7000 ING Emerging Debt Hard Currency (Emerging Debt)
7000 JPMF Natural Resources (Commodities)
7000 Tricolore (French Equity)
7000 Victoire Oblig Internationales (Global Fixed Income)
6000 CAAM Obligations International (Sovereign Debt)
5000 AXA France Opportunités (French Equity)
5000 Centifolia (French equity)
5000 Fidelity European Aggressive (Europe Equity)
4000 Amérique Rendement (US Equity)
4000 AXA Rosenberg Japan Small Caps (Japan Equity)
4000 UBAM Neuberger Berman US Eq (US Equity)
3000 ML Global Energy (global energy)
3000 Saint-Honoré Signatures + (high yield EUR)
2500 DWS Russia (Russian Equity)
2500 First State China Growth (China Equity)
