Julien Moutier
“Since mid-June’s rebound, our balanced portfolio has benefited from several bets such as gold, commodities, Asian equities as well as European convergence markets, which performed strongly over the period. Our bets on bonds taken for diversification purposes have also positively contributed as emerging and corporate spreads tightened over the last weeks. This month we have, slightly turned the allocation into a more secure direction. We’ve decided to switch our technology bet into a European value one that should be more resilient in a downside market. We’ve also reduced our European convergence equity strategy cutting half of the holdings”
Amount (E) Fund
15,000 CAAM Dynarbitrage Var 20 (total return)
12,000 BNP Paribas Sélection Obligations (bond total return)
12,000 Mellon Global Bonds (global bond)
10,000 PAM Bonds Higher Yield (emerging and high yield bonds)
7,000 Alternatime 300 (total return)
7,000 Convertible Fund – Convertible International (convertible bond)
7,000 Parvest Europe Value (European value equity)
6,000 AXA Or et Matières Premières (commodities equity)
6,000 Morgan Stanley Japanese Equity Value (Japanese value equity)
5,000 Carmignac Investissement (Flexible global equity)
5,000 Fidelity South East Asia (Asian growth equity)
5,000 Mainfirst Avantgarde Stock (European growth equity)
3,000 Westam European Convergence (European convergence equity)
