Bernard Aybran
“Markets conditions have not really changed, except for an improvement in the appetite investors have for risk. This has led most of the major markets to new highs, and notably to an all time high for the Dow Jones Industrials. We have increased our exposure to US large caps via a Merrill Lynch fund, as well as to European large caps, yielding above average dividends, via funds managed by Ecofi and Edmond de Rothschild AM. Going forward, large, high quality companies should keep on being a major part of the equity portfolio.”
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 Fidelity European Aggressive (Europe Equity)
5,000 ING Emerging Debt Hard Currency (Emerging Debt)
5,000 Kinetics Paradigm (US Equity)
5,000 Oyster Europen Opportunities (Europe Equity)
5,000 Saint-Honoré Signatures + (high yield EUR)
5,000 Tricolore Rendement (French Equity)
4,000 Saint-Honoré Oblig Opportunités (opportunistic bonds)
3,000 JPMF Natural Resources (Commodities)
3,000 ML US Focused Value (US Equity)
2,000 First State China Growth (China Equity)
