Alex Borer
“Our conservative tactical investment strategy recommended in November 2008 proved to be favourable. After the short-term capitulation move of the equity markets in late November we expect a base building process. Valuation is compelling, sentiment extremely negative. Accordingly, we increased the equity allocation by 9 per cent to 43 per cent (Asia + 4 per cent, US + 2 per cent, Emerging Markets + 2 per cent, Europe + 1 per cent). On the other hand, we reduced the government bond allocation after a very strong run of 4 per cent. We exchanged SVG Capital for the iShares ETF on listed private equity and sold Reichmuth Matterhorn hedge fund of fund (5 per cent).”
AMOUNT (€) FUND
16,000 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)
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 Bond Emerging Markets (USD) B (global emerging market bonds)
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 Multi Manager Equity North America (USD) B (US equity)
5,000 Nomura Topix ETF (Japan equity)
5,000 Powershares S&P 500 Buywrite (US 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)
2,000 iShares S&P Listed Private Equity (listed private equity)
