Julien Moutier
“In May, our balanced portfolio suffered from several bets such as gold, commodities and Asian Equities, as well as Growth style, which all performed poorly over the month. In the context of a potential liquidity crisis, European convergence equities have also fallen, underperforming Western indices. Our bets taken for diversification purposes on bonds have clearly detracted, as emerging market and corporate spreads widened sharply over the period. This month we have, however, slightly increased our exposure to gold, commodities and high yield as they all recently appear to be oversold and supported by strong fundamentals.”
Amount (E) Fund
15,000 CAAM Dynarbitrage Var 20 (Total Return)
12,000 Mellon Global Bonds (Global Bond)
12,000 Phenix Alternative Holdings (Multistrategy)
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)
6,000 AXA Or et Matières Premières (Commodities Equity)
6,000 Legg Mason Japan Equity Fund (Japanese Growth Equity)
6,000 Westam European Convergence Fund (European Convergence 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)
4,000 Parvest World Technology (Global Tech Equity)
