Bernard Aybran
“The equity exposure of our balanced portfolio stands at 42 per cent. Short-term risks and long-term opportunities must be carefully balanced: stock markets worldwide have not been cheaper in the past 20 years, but risk aversion is culminating, so we have to add to our exposure, but carefully. For instance, we seized the opportunity to re-enter the Indian market, while reducing the European holding (Oyster fund) a little in order to keep the risk level roughly unchanged. On the fixed income side of the portfolio, we have redeemed the oldest holding of the portfolio.”
AMOUNT (E) FUND
35,000 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)
5,000 Kinetics Paradigm (US equity)
5,000 PIM Yield Growth (global equity)
5,000 Skandia US Large Caps Value (US equity)
5,000 Tricolore Rendement (French equity)
2,500 Saint-Honoré Oblig Opportunités (opportunistic bonds)
2,500 First State China Growth (China equity)
2,500 JOHCM Europe Select Value (Europe equity)
2,500 Saint-Honoré Inde (Indian equity)
