Julien Moutier

“Returns on our portfolio were positive overall, supported by European equities and Euro fixed income investments. We fared particularly well from our defensive position in Uniglobal Minimum Variance Europe. However, Asian equities dropped dramatically due to increasing fears of a slowdown in the economy, and the Threadneedle Asia Growth fund contributed negatively to performance. We trimmed our position on volatility from 4 per cent to 2 per cent: this was invested in Centrale Long Vol. This enabled us to finance an increased position in Ecofi Quant Trésorerie Dynamique, which has recently slightly underperformed the cash market.”