Julien Moutier

“Over the last two months, our balanced portfolio has benefited from several bets such as Asian and European equities and corporate and emerging high yield. We have also noticed a strong momentum of the total return strategy managed by Crédit Agricole, CAAM Dynarbitrage VaR 20. On the other hand, our exposure towards global government bonds has been detrimental to the performance. Considering the good level of jewellry demand coming from India and restricted offer, we have further increased our holdings on gold by reducing our exposure towards government bonds. We have also slightly increased high yield and total return bonds’ strategies to be less sensitive to the fixed income market.”