Bernard Aybran
“During the summer, we continued to focus on the more conservative holdings. We trimmed our natural resources holdings, which we believe are in the midst of a secular bull market but are poised to suffer drawdown whenever the markets fear any type of economic slowdown. We also switched part of our European exposure to a portfolio dedicated to high dividend stocks. And last, we added to a conservative US equity manager. The equity weighting has not changed but the portfolio is becoming more conservative.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre
8,000 CAAM Dynarbitrage International
8,000 Centifolia
8,000 Franklin Mutual European Eq
7,000 Ecofi Actions Rendement
7,000 Victoire Oblig Internationales
6,000 ING Emerging Debt Hard Currcy
5,000 Fidelity European Aggressive
5,000 Kinetics Paradigm
5,000 Oyster Europen Opportunities
5,000 Saint-Honoré Oblig Opportunités
5,000 Saint-Honoré Signatures +
3,000 JPMF Natural Resources
3,000 ML Global Energy
3,000 Tricolore
2,000 First State China Growth
