Julien Moutier
“Our balanced portfolio has benefited from several bets such as European and Asian equities and corporate/emerging high yield. The bet on gold taken for diversification purposes has also contributed positively and seems to be quite resilient in the current downturn. Due to the recent sell-off on government bonds we have decided to increase our fixed income exposure by introducing Pam Bonds Euro, a core approach on the eurozone. Recent US durable goods figures make the slowdown appear sharper than forecasted. In a context of overbought equity market and low risk aversion, this has led to a strong correction on global equity market. We have cut part of our Asian exposure through equities and convertibles.”
Amount (E) Fund
16,000 BNP Paribas Sélection Obligations (bond total return)
15,000 Alternatime 300 (total teturn)
15,000 CAAM Dynarbitrage Var 20 (total return)
9,000 PAM Bonds Higher Yield (emerging and high yield bonds)
9,000 PAM Bonds Euro (euro bond)
8,000 Cyril Convertible Taux (convertible bond)
6,000 AXA Or et Matières Premières (commodities equity)
5,000 Carmignac Investissement (flexible global equity)
5,000 State Street Actions Euroland
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)
