Bernard Aybran

“While we have not altered the balance between stock and bond funds for three months, we are now gently switching our portfolios towards more defensive/quality stocks, taking profits from more cyclical/high beta funds. This reflects the better risk/reward ratio in equity compared with bonds and the search for new themes, away from the red-hot markets we had back in 2003. We tend also to favour seasoned stock-pickers rather than momentum players.”

Amount (E)- Fund

20,000 - MultiAlternatif Equilibre (fund of hedge funds)

7000 - Fidelity South East Asia (Asia X Japan Equity)

6000 - Goldman Sachs Global High Yield (high yield $)

6000 - Legg Mason Value (US equity)

5000 - Socgen International (global equity)

5000 - Saint Honoré Vie et Sante (consumer non cyclical)

5000 - Agressor (French equity)

5000 - Saint Honoré Euro Opportunites (Europe equity)

5000 - Centifolia(French equity)

5000 - ML Focused Value (US equity)

5000 - Franklin Mutual European Equity (Europe equity)

5000 - Callander Assets (US Small Caps)

4000 - Centrale Croissance Europe (Europe Small Caps)

4000 - Polar Japan Fund (Japan Equity)

3000 - Fima Convertibles Europe (European convertibles)

3000 - Saint-Honoré Signatures + (high yield EUR)

3000 - Legg Mason US Small Caps (US Small Caps)

2000 - Elan Convertibles Europe (European Convertibles)

2000 - ML World Mining (commodities)