Julien Moutier
“Our balanced portfolio continues to suffer from its credit and equity exposures. But as economic fundamentals have showed signs of weakening, valuations have begun to improve. Accordingly, we decided to increase our exposure to high yield and emerging debt, as well as emerging and European equities. We believe that current risk aversion creates an excellent opportunity to take on riskier assets, especially those supported by strong fundamentals. Consistent with this, we have reduced our positions in euro-denominated government bonds which benefited from the flight to quality.”
Amount (E) Fund
16,000 FundQuest Bond Opportunities (Bond Total Return)
13,000 Alternatime 300 (Total Return)
12,000 CAAM Dynarbitrage Var 20 (Total Return)
12,000 Cyril Convertible Taux (Convertible Bond)
12,00 PAM Bonds Higher Yield (Emerging and High Yield Bonds)
10,000 PAM Bonds Euro (Euro Government Bond)
7,000 State Street Actions Euroland (Euro zone Equity)
7,000 Parvest Europe Value (European Value Equity)
6,000 AXA Or et Matières Premières (Commodities Equity)
5,000 Fidelity South East Asia (Asian Growth Equity)
