Bernard Aybran
“The balanced portfolio is now back to its benchmark weights, i.e. close to being half invested on the equity markets. The holdings are heavily concentrated on Europe-focused fund managers, the cheapest equity market around. Also, excesses have been made in May and June which left a lot of stocks at their cheapest level in years. However, going forward, headwinds could arise, in particular due to the concurrent hawkish monetary policies all over the world. The portfolio has to be kept rather conservative.
Amount (E) Fund
20,000 MultiAlternatif Equilibre (Fund of hedge funds)
8,000 CAAM Dynarbitrage International (Sovereign debt)
8,000 Franklin Mutual European Equity (Europe equity)
7,000 Victoire Oblig Internationales (Global fixed income)
7,000 Centifolia (French equity)
7,000 JPMF Natural Resources (Commodities)
7,000 Tricolore (French equity)
6,000 ING Emerging Debt Hard Currency (Emerging debt)
5,000 Saint-Honoré Signatures + (high yield EUR)
5,000 Saint-Honoré Oblig Opportunités (opportunistic bonds)
5,000 AXA France Opportunités (French equity)
5,000 Fidelity European Aggressive (Europe equity)
5,000 Oyster Europen Opportunities (Europe equity)
3,000 ML Global Energy (global energy)
2,000 First State China Growth (China equity)
