Julien Moutier

“Our balanced portfolio has again benefited from our bets on gold, commodities and Asia (via holdings on convertibles bonds and equities), which performed strongly in April. European convergence equities have also bounced back sharply, outperforming Western indices. Our low duration exposure has once again protected investors from capital depreciation. This month, we slightly increased exposure to Eastern European equities while also reducing our weighting on total return strategy and commodities, as the latter appears overbought.”