Julien Moutier

“Despite a very marked downturn in economic indicators in Europe, eurozone equity indices outperformed their US counterparts by a clear margin.

Thus, the performance of our portfolio suffered, particularly equities, in absolute terms in the US and in relative terms in Europe, due to a defensive bias on the Uniglobal fund for instance.

On the other hand, our fixed income diversification based on high yield and emerging debt did pretty well. On the euro sovereign debt side, due to recent price improvement, we reduced our investment on HSBC Etat Euroland and increased cash exposure.”