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”