Pierre Bonart
“The previous month, we took some profits on our equity exposure, as we thought the markets were getting too optimistic. However, valuations are reasonable and offer a protection against a severe downturn. We still have a positive view for equities, but it was necessary to adjust to rising risk factors. We continue to benefit from low exposure to fixed income and from our exposure to a fund of hedge fund, which has been a good alternative in this rising interest rates environment.”
Amount (E) Fund
35,000 L Multi Hedge
5,000 Comgest Asia
7,000 Henderson Horizon Japan
5,000 Axa World Talents
5,000 Croissance Euro Actions (Euro Growth Equities)
5,000 L Convertibles
5,000 Louvre Multi Select Emerging Equity Fund
5,000 Louvre Multi Select Global Bond Fund
5,000 MLIIF World Energy Fund
5,000 MLIIF World Mining Fund
5,000 OPA Monde
5,000 Pioneer Top European Players
3,000 Legg Mason America Value
3,000 WP Select Growth (US Conservative Growth)
2,000 Wanger AM New America Small Caps
