Bernard Aybran
“The balanced portfolio has been slightly tilted toward Japan during March. An extra manager, Pictet, has been added in order to invest in an all caps fund, focused on mid to large caps but with a flexibility to invest. The setback Japanese large caps have been going through during the first quarter seems excessive: the situation is constantly improving in Japan, from a macro and a bottom-up perspective. To keep the equity weight roughly unchanged at 57 per cent, part of the US equity investments have been redeemed.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
8,000 Franklin Mutual European Equity (Europe equity)
7,000 ING Emerging Debt Hard Currency (emerging debt)
7,000 Victoire Oblig Internationales (global fixed income)
7,000 JPMF Natural Resources (commodities)
7,000 Tricolore (French equity)
6,000 CAAM Obligations International (sovereign debt)
5,000 AXA France Opportunités (French equity)
5,000 Centifolia (French equity)
5,000 Fidelity European Aggressive (Europe equity)
5,000 Pictet Japan Equity Selection (Japan equity)
4,000 Amérique Rendement (US equity)
3,000 Saint-Honoré Signatures + (high yield euro)
3,000 AXA Rosenberg Japan Small Caps (Japan equity)
3,000 ML Global Energy (global energy)
2,500 DWS Russia (Russian equity)
2,500 First State China Growth (China equity)
