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.”