Bernard Aybran
“We are continuing to rebalance the portfolio towards equities. What is new this time is that we have introduced a bit of growth. This is both in the European and Asian zones. The latter, we must confess, being a zone we have not invested in for years. We drew the money out of higher rated bonds, as well as sovereign and investment grade, which are the most sensitive to interest rates. But we think there is still money to be made from higher yielding securities.” Amount (E) - Fund 25,000 - MultiAlternatif Equilibre (fund of hedge funds) 10,000 - Merrill Lynch Focused Value (US equity) 7000 - Goldman Sachs Global High Yield 7000 - Agressor (French equity) 7000 - Centifolia(French equity) 5000 - AXA Euro Credit (investment grade euro) 5000 - Victoire Obligations Internationales (investment grade) 5000 - Socgen International (global equity) 5000 - Nouvelle Europe (Europe equity) 4000 - Saint-Honoré Signatures (investment grade euro) 4000 - CS BF High Yield Euro (high yield euro) 4000 - Rendements Emergents (emerging debt) 4000 - Franklin Mutual European Equity (Europe equity) 4000 - Callander Asset (US Small Caps) 4000 - CG Nouvelle Asie (Asia X Japan equity) 2000 - Saint-Honoré Sécurité (money market) 2000 - IDE France Dynamisme (French equity)