Bernard Aybran
“Major markets enjoyed a steady progression during the summer and entered September on a positive tone, even with oil hovering over $65 a barrel. The vigour of the market is even more impressive considering that the Fed has been raising its interest rates for over a year. Thus, our portfolio is 53 per cent invested in stock pickers, mainly in Europe and natural resources. However, we increased our US holdings, adding a new manager (Neuberger Berman): the US market is lagging all of the other major markets, which is to some extent justified by more expensive valuations, but not to that extent.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
7000 CAAM Obligations International (Sovereign Debt)
7000 Fortis Convertibles Europe (convertible bonds)
7000 Victoire Oblig Internationales (Global Fixed Income)
7000 Carmignac Euro Investissements (European Equity)
7000 Franklin Mutual European Equity (Europe equity)
6000 Saint-Honoré Signatures + (high yield EUR)
5000 Centifolia (French equity)
5000 ML Global Energy (global energy)
5000 Amérique Rendement (US Equity)
5000 Oyster European Opportunities (Europe equity)
5000 Tricolore (French Equity)
4000 Fortis Europe Energy (Europe energy)
4000 UBAM Neuberger Berman US Eq (US Equity)
3000 JPMF Natural Resources Resources (Commodities)
3000 ML World Mining (global mining)
