Bernard Aybran
Bernard Aybran, head of manager selection, LCF Rothschild
Based in: Paris, France
“We will keep our equity weight at 60 per cent of the portfolio, unchanged over the last few months. Nothing much is different, except we kept increasing our energy stock holdings, lately adding a third fund on this theme: Fortis Europe Energy. The energy sector should go on profiting from reasonable valuations, sustained prospects for the oil price and, for many companies, comfortable dividend yields. For the rest of the equity portfolio, the distribution of important dividends remains a major theme.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
7000 Franklin Mutual European Equity (Europe equity)
7000 ML Global Energy (global energy)
5000 Agressor (French equity)
5000 Centifolia (French equity)
5000 GAM North American Growth (US equity)
5000 Saint Honoré Vie et Sante (consumer non cyclical)
5000 Socgen International (global equity)
5000 Wellington Global Health Care
5000 Goldman Sachs Global High Yield (high yield $)
5000 Saint Honoré Signatures + (high yield euro)
4000 Polar Japan Fund
4000 Fortis Convertibles Europe
4000 Callander Assets (US small caps)
4000 LPF Protectaux (reverse bonds)
3000 CS Global Resources (commodities)
3000 Fortis Europe Energy (Europe energy)
2000 ML Focused Value (US equity)
2000 Oblig Inflation (index linked bonds)
