Julien Moutier

“After a difficult July, equity markets fell even more steeply in August, before stabilising towards the end of the month. The main reasons for this were doubts about the state of public finances in various European countries and the impact of this on economic activity, as well as fears of a recession in the US, both of which could lead to a slowdown in global growth. In such an uncertain context, we reduced some of our pro-cyclical strategies, cutting part of our euro high yield and convertible bonds exposure. We entered a euro sovereign call to act as an insurance given the current market volatility.”