Alex Borer
“Equity markets staged a strong rally based on a more credible support plan for the US banks which coincided with extremely negative sentiment among consumers, corporates and investors. We believe it to be a bear market rally. Neither economic fundamentals nor market technical indicators lead us to believe in a sustainable uptrend in equities. Our allocation is strongly focused on credit markets, where high yield, emerging market and convertible bonds offer appealing credit risk premiums. We recommend to sell the iShares Listed Private Equity Fund after a strong run in March and keep the proceeds (2 per cent) in cash.”
AMOUNT () FUND
12,000 LGT Money Market Fund Government (EUR) (money market
government instruments in EUR)
11,000 Lyxor ETF EuroMTS 3-5Y (ETF on mid term government bonds)
7,000 LGT Bond Fund Global Inflation Linked (EUR) B (global bonds)
7,000 Powershares S&P 500 Buywrite (US equity)
6,000 Fidelity Funds South East Asia A USD (Asia Pacific equity)
6,000 LGT Multi Manager Bond Emerging Markets (USD) B (manager selection in emerging market bonds funds)
5,000 ACL Alternative Fund Euro Share Class A (hedge funds)
5,000 Cazenove Pan Europe Fund A (pan European equity)
5,000 JPM Global Convertibles EUR (global convertible bonds)
5,000 LGT Equity Fund Global Sector Trends (USD) B (global equity)
5,000 MFS Meridian European Value Fund A1 Acc (pan European equity)
5,000 Schroder Alternative Solutions (diversified commodies)
4,000 JB Global High Yield Bond Fund EUR (global high yield bonds)
4,000 LGT Bond Fund Global EUr (global bonds investment grade)
4,000 LGT Multi Manager Equity Emerging Markets (USD) B (manager selection in emerging market equity funds)
3,000 Clariden Leu (CH) Cat Bond Fund EUR (global cat bonds)
3,000 LGT Multi Manager Equity North America (USD) B (manager
selection in US equity funds)
3,000 Nomura Topix ETF (ETF on Topix)
