Julien Moutier

“Over the month, our balanced portfolio has benefited from several bets such as European equities, corporate and emerging high yield. Our exposure towards global government bonds has been detrimental to the performance. In a context of soft-landing confirmation we have decided to reduce our holdings in European equities and to a lesser extent in the Japanese market. After having activated a stop loss on gold last month, we have come back on it, considering good level of jewellery demand coming from India and restricted offer. We have also, this month, slightly reduced our stance towards equities by cutting a part of the Asian convertibles fund, which is very sensitive to the stock market.”