Julien Moutier

“Over the month, our balanced portfolio has benefited from several bets such as European equity, corporate high yield and euro fixed income. Our bets taken for diversification purposes on equities have also positively contributed, as Asian and Japanese markets recovered over the last weeks. This month, we have slightly turned the allocation into a more secure way in order to keep the gains. We have decided to switch our growth bet on European equities into a core one that should be more resilient in a downside market. We have also cut our European convergence equity strategy because of high valorisation ratios.”