Bernard Aybran, head of managerBased in: Paris, France

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From Fund Selection 01 June 2004

By PWM Editor

“We are slowly taking profits on the equity part of the portfolio that has produced decent returns over the last few months. Thus, we sold our holdings in mining stocks and emerging Asia. On the other hand, we added to our investment in healthcare and added a tech fund on a medium/short-term horizon. On the fixed income side, we have reduced our duration and started building a negative duration position. Going forward, our bias will be to go on taking profits on the equity side.”

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Bernard Aybran, head of manager<br>Based in: Paris, France

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