Julien Moutier

“Over the month, our balanced portfolio has benefited from several bets such as European equities, corporate and emerging high yield and global government bonds. Our bets taken for diversification purposes on gold and other commodities have negatively contributed in the context of soft landing expectations. Therefore, we have cut our exposure to the specific underlying fund (Axa Or et Matières premières) activating a stop-loss. This month we have also slightly reduced the duration on Euro and US curves taking profit on this theme.”