Julien Moutier

“The rising trend on the equity markets continued in the first half of the month, and even though the rate of growth was a little less sustained than in January and February, several symbolic levels were crossed by the main indices. We have removed Franklin Mutual Beacon from our portfolio to invest in UBS USA Growth. This latter fund aims to balance cyclical, classical and aggressive growth picks depending on valuation criteria. Regarding our insurance theme, we have bought Nomura Voltage, which is supposed to replicate a flexible allocation on the US implied volatility.”