Julien Moutier

“October brought positive returns on risky assets. The equity portion of the portfolio invested in emerging and developed markets contributed significantly to its strong performance over the month. On the fixed income area, our European convertibles and American high yields holdings did well, helped by the second round of the quantitative easing in the US. Our defensive holdings on sovereign debt and implied volatility detracted from performance, as long-term rates edged up and volatility decreased. We increased exposure to the corporate credit through AXA US High Yield Short Duration and Bluebay Investment Grade.”