Bernard Aybran
“The overall balance between stocks, hedge and fixed income funds remains unchanged this month, still reasonably biased towards equity. This is not what we had expected a month ago but May turned out to bring the stock markets cheaper than they were before: it appeared to us a large part of the decline had gone too far. We are slightly reducing our holdings in Japan, although this may be one of the most top-shaped economies around, but the volatility has become huge on this market and we do not want to capture this much.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
6000 Franklin Mutual European Equity (Europe equity)
5000 Agressor (French equity)
5000 ML Focused Value (US equity)
5000 Saint Honoré Vie et Sante (consumer non cyclical)
5000 Socgen International (global equity)
5000 CS Global Technology (IT)
5000 Wellington Global Health Care
4000 Polar Japan Fund
4000 Fortis Convertibles Europe
4000 Callander Assets (US small caps)
3000 LPF Oblig Inflation
3000 CS Target Return (money market)
3000 Saint Honoré Signatures + (high yield euro)
3000 Centifolia (French equity)
3000 CS Global Resources ( commodities)
3000 Royce US Small Caps (US small caps)
3000 Legg Mason US Small Caps
3000 Oblig Inflation (index-linked bonds)
2000 Elan Convertibles Europe
2000 Axa Rosenberg Japan Small caps
2000 Goldman Sachs Global High Yield (high yield $)
2000 Centrale Mid Caps Europe (Europe small caps)
