Julien Moutier

“In September, returns on our portfolio were mostly negative, penalised by European and Asian equities. The only assets that supported were Euro fixed income investments and Volatility. Let’s mention the particular resilience of Uniglobal Minimum Variance Europe which benefits from its defensive stance. We trimmed our position on high yield from 5 per cent to 3 per cent in order to reduce our bias toward credit given the current context. The sale enabled us to finance an increased position in Ecofi Quant Trésorerie Dynamique that aims to outperform cash.”