Bernard Aybran
“So far in 2007, the trend has kept being our friend : basically, what worked during the previous years still works in 2007, i.e. equity as a whole, with the emphasis on whatever is cyclical or small cap and more dimmed returns in the US. But past performance is not indicative at all of future returns, particularly if some trends outside the equity markets alter. The dollar softness is a new parameter to keep in mind. The only move we made this month was a slight increase of the US weight, which now accounts for a quarter of the total equity exposure, which obviously has to be hedged back into the base currency.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
7,500 Saint-Honoré Oblig Opportunités (opportunistic bonds)
7,500 Centifolia (French equity)
7,500 Ecofi Actions Rendement (Europe Equity)
7,500 Franklin Mutual European Equity (Europe Equity)
7,500 New Star European Growth (Europe Equity)
6,000 CAAM Dynarbitrage International (Sovereign Debt)
5,000 ING Emerging Debt Hard Currency (Emerging Debt)
5,000 Victoire Oblig Internationales (Global Fixed Income)
5,000 ING US High Dividend (US Equity)
5,000 Kinetics Paradigm (US Equity)
5,000 ML US Focused Value (US Equity)
5,000 Oyster Europen Opportunities (Europe Equity)
5,000 Tricolore Rendement (French Equity)
1,500 First State China Growth (China Equity)
