Bernard Aybran
“The equity exposure of our balanced portfolio stands at its lowest by now, at 35 per cent. The remaining Asian exposure has been removed. Some credit risk has been brought back, through the investment in a corporate high yield bond, with an emphasis on the US market. Corporate spreads have skyrocketed, whereas default rates are staying at or near their lowest ever. Still, due to the terrible market sentiment, our holding in the Goldman Sachs fund remains relatively modest, but should be increased as soon as a certain sense of confidence will be back in the market.”
AMOUNT (E) FUND
40,000 Saint-Honore Securite (Money Market)
20,000 MultiAlternatif Equilibre (fund of hedge funds)
7,500 Centifolia (French equity)
7,500 Franklin Mutual European Equity (Europe Equity)
7,500 Skandia US Large Caps Value (US Equity)
5,000 GS Global High Yield (Corporate High Yield)
5,000 PIM Yield Growth (Global Equity)
5,000 Tricolore Rendement (French Equity)
2,500 JOHCM Europe Select Value (Europe Equity)
