Bernard Aybran
“Though it is quite unusual for our balanced portfolio, there has been some turnover lately, in both the fixed income and the equity parts. On the fixed income side, we are going for risk aversion as we have sold our whole hard currency emerging debt, which had been in the fund for a long time. On the equity side, we have sold the high income European equity funds and increased the non-European investments. Going forward, we have not turned bearish on stocks. All the trouble over the summer will at some point, create an opportunity.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
10,000 Saint-Honore Securite (Money Market)
7,500 Franklin Mutual European Equity (Europe Equity)
7,500 ML US Focused Value (US Equity)
7,50 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 CAAM Dynarbitrage International (Sovereign Debt)
5,000 Centifolia (French equity)
5,000 JOHCM Europe Select Value (Europe Equity)
5,000 Kinetics Paradigm (US Equity)
5,000 New Star European Growth (Europe Equity)
5,000 Oyster Europen Opportunities (Europe Equity)
5,000 PIM Yield Growth (Global Equity)
5,000 Tricolore Rendement (French Equity)
5,000 Victoire Oblig Internationales (Global Fixed Income)
2,500 First State China Growth (China Equity)
