Julien Moutier
“Following a slight respite in December, the equity markets continued to adjust significantly downward in January. Data for the fourth quarter of 2008 reveal an international economy in recession. Volatility remained high, and during the course of the month any trading days on which prices rose were quickly cancelled out by profit-taking. As a result, returns on our portfolio suffered from the correction on the US and Asian markets while it benefited from our cautious stance on Europe. In the meantime, we were surprisingly penalised by the weakness of bond markets which faced strong issuance levels during the first two weeks of January.”
AMOUNT () FUND
16,000 BNP Insticash Fund EUR
15,000 FundQuest Bond Opportunities (bond total return)
13,000 PAM Bonds Euro (core Euro bond)
11,000 Ecofi Quant Trésorerie Dynamique (enhanced cash)
11,000 Uni-global Minimum Variance Europe (defensive European equity)
7,000 Carnegie Fund European Equity (opportunistic European equity)
7,000 Threadneedle Asia Growth Fund (core Asian equity)
6,000 BNP Paribas Convertible Europe (European convertible)
6,000 Raiffeisen 313 Trend Follower Bonds (Euro flexible bond)
5,000 Franklin Mutual Beacon (defensive US equity)
3,000 AXA IM US High Yield Short Duration (defensive US high yield)
