Julien Moutier
“During the past month, our balanced portfolio suffered from our equity exposure due to the recent market correction. Our positions taken on European equities, as well as corporate/emerging high yield bonds, contributed negatively to performance. This was mainly due to the fall in Chinese equities after news on brokerage’s tax increase. Fortunately, in this context, our holding on Japanese and Asian equities appeared resilient. Thus, we decided to increase our stake on Japan convinced by strong fundamentals and supportive momentum.”
Amount (E) Fund
16,000 FundQuest Bond Opportunities (Bond Total Return)
15,000 CAAM Dynarbitrage Var 20 (Total Return)
15,000 PAM Bonds Euro (Euro Bond)
13,000 Alternatime 300 (Total Return)
12,000 Cyril Convertible Taux (Convertible Bond)
9,000 PAM Bonds Higher Yield (Emerging and High Yield Bonds)
7,000 Morgan Stanley Japanese Equity Value (Japanese Value Equity)
6,000 AXA Or et Matières Premières (Commodities Equity)
4,000 Parvest Europe Value (European Value Equity)
3,000 Fidelity South East Asia (Asian Growth Equity)
