Bernard Aybran
“Third quarter earnings keep coming up pretty impressive, almost twice the return of the stock market, as far as the US are concerned. This means that stocks keep getting cheaper and cheaper. Investors must keep in mind that valuations are not of any use when it comes to spot inflection points on the markets. However, the balanced portfolio is still tilted toward equity funds in general. We have added a new manager: New Star’s Richard Pease, a manager we trust to to outperform European benchmarks.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
8,000 Centifolia (French equity)
8,000 Ecofi Actions Rendement (Europe Equity)
8,000 Franklin Mutual European Equity (Europe Equity)
7,000 CAAM Dynarbitrage International (Sovereign Debt)
7,000 Victoire Oblig Internationales (Global Fixed Income)
5,000 Saint-Honoré Signatures + (high yield EUR)
5,000 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 Kinetics Paradigm (US Equity)
5,000 New Star European Growth (Europe Equity)
5,000 Oyster European Opportunities (Europe Equity)
5,000 Tricolore Rendement (French Equity)
4,000 ING Emerging Debt Hard Currency (Emerging Debt)
3,000 JPMF Natural Resources (Commodities)
3,000 ML US Focused Value (US Equity)
2,000 First State China Growth (China Equity)
