Julien Moutier
“During the past month, our balanced portfolio continued to benefit from the global market’s recovery. Several positions taken on European and Asian equities, as well as corporate/emerging high-yield bonds, contributed positively to performance. This was due to the decline in risk aversion which resulted from the rebound. Thus, we kept our secured portfolio unchanged just as we decided last month to increase our fixed income exposure, and trimmed our exposure in emerging markets and Euroland. We also forecast that our convertibles holdings should protect us from any possible market correction.”
Amount (E) Fund
16,000 BNP Paribas Sélection Obligations (Bond Total Return)
15,000 Alternatime 300 (Total Return)
15,000 CAAM Dynarbitrage Var 20 (Total Return)
15,000 PAM Bonds Euro (Euro Bond)
12,000 Cyril Convertible Taux (Convertible Bond)
9,000 PAM Bonds Higher Yield (Emerging and High Yield Bonds)
6,000 AXA Or et Matières Premières (Commodities Equity)
5,000 Morgan Stanley Japanese Equity Value (Japanese Value Equity)
4,000 Parvest Europe Value (European Value Equity)
3,000 Fidelity South East Asia (Asian Growth Equity)
