Julien Moutier

“All of our risky diversification assets were hit by the market correction over the month of May. Equities, convertibles, investment grade credit and high-yield exposures detracted from performance whereas our defensive bets such as euro sovereign debt and implied volatility on the European market did a pretty good job playing their insurance role within the portfolio. In order to reduce the global exposure to market risk, we trimmed our equity, convertible and high-yield exposures and cut the commodity bet from the portfolio. The money was reinvested into our secure money market fund, BNP Paribas Insticash.”