Julien Moutier

“Significant deleveraging continued in October, led by emerging markets and commodities. As a result, returns on our portfolio were mostly negative, as we were penalised by European and Asian equity market falls. Euro fixed income investments, as well as volatility, supported our performance. Uniglobal Minimum Variance was particularly resilient to volatile falling markets. We trimmed our position in European Convertibles which faced a strong sell-off and cut our gold exposure. We also took profits on volatility after it reached 80 per cent on the VIX (SP500 implied volatility). These sales enabled us to finance entry into the BNP Insticash Fund EUR.”