Bernard Aybran
“Not much has changed in our balanced portfolio: the balance between fixed income, hedge funds and equity remains in favour of equities. The number of fixed income funds has fallen to four, mostly by focusing on the most nimble ones. On the equity side, the focus remains on Europe, with some diversification in the US (12.5 per cent) and China (1.5 per cent). Going forward, the portfolio should remain pretty unchanged, except if earnings growth really surprise on the downside; but the probability of it appears somewhat tiny, if the slowing of the global economy remains under control.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (Fund of hedge funds)
7500 Saint-Honoré Oblig Opportunités (Opportunistic bonds)
7500 Centifolia (French equity)
7500 Ecofi Actions Rendement (Europe equity)
7500 Franklin Mutual European Equity (Europe equity)
7500 New Star European Growth (Europe equity)
7500 Oyster Europen Opportunities (Europe equity)
6000 CAAM Dynarbitrage International (Sovereign debt)
5000 ING Emerging Debt Hard Currency (Emerging debt)
5000 Victoire Oblig Internationales (Global fixed income)
5000 Kinetics Paradigm (USequity)
5000 ML US Focused Value (US equity)
5000 Tricolore Rendement (French equity)
2500 ING US High Dividend (US equity)
1500 First State China Growth (China equity)
