Alex Borer
“The January rally in equity markets proved to be short-lived, as it faded after three trading days on intensified worries about the global economic downturn. All major equity markets are year to date down again. Global government bond yields rose significantly because of rising funding concerns and risk aversion for long-term paper. Our allocation to high yield bonds paid off because spreads came in from extremely high levels. In terms of portfolio changes, we trimmed the bond allocation by 5 per cent for an EUR money market fund. In equities we increased the S&P 500 buywrite fund at the expense of US equities in order to benefit from the very high volatility.”
AMOUNT () FUND
11,000 Lyxor ETF EuroMTS 3-5Y (government bonds EUR)
7,000 LGT Bond Fund Global Inflation Linked (EUR) B (inflation linked bonds)
7,000 MFS Meridian European Value Fund A1 Acc (pan European equity)
7,000 Powershares S&P 500 Buywrite (US equity)
6,000 Cazenove Pan Europe Fund A (pan European equity)
6,000 Fidelity Funds South East Asia A USD (Asia Pacific equity)
6,000 LGT Multi Manager Equity North America (USD) B (US equity)
5,000 ACL Alternative Fund Euro Share Class A (hedge funds)
5,000 JPM Global Convertibles EUR (global convertible bonds)
5,000 LGT Equity Fund Global Sector Trends (USD) B (global equity)
5,000 LGT Money Market Fund Government (EUR) (money market EUR)
5,000 Nomura Topix ETF (Japan equity)
5,000 Schroder Alternative Solutions (commodity)
4,000 JB Global High Yield Bond Fund EUR (global high yield bonds)
4,000 LGT Bond Fund Global EUR (global bonds)
4,000 LGT Multi Manager Equity Emerging Markets (USD) B (emerging market equity)
3,000 Clariden Leu (CH) Cat Bond Fund EUR (Cat bonds)
3,000 LGT Multi Manager Equity North America (USD) B (US equity)
2,000 iShares S&P Listed Private Equity (listed private equity)
