Bernard Aybran
“The balanced portfolio remains basically unchanged this month. Though it is more rewarding to be invested in stocks rather than bonds, from a risk return point of view, stock markets may be heading to some kind of setback in the short run. The returns have been largely impressive on many asset classes, in Europe or in the emerging markets; the US is still lagging and Japan at last witnessed a brutal and long awaited halt in its stellar progression. Going forward, a reasonable pause in the stock market progression could lead us to increase our equity holdings, probably in some emerging markets.”
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 JPMF Natural Resources (Commodities)
7,000 Tricolore (French Equity)
7,000 Victoire Oblig Internationales (Global Fixed Income)
6,000 CAAM Obligations International (Sovereign Debt)
5,000 Amérique Rendement (US Equity)
5,000 AXA Rosenberg Japan Small Caps (Japan Equity)
5,000 Centifolia (French equity)
5,000 Fidelity European Aggressive (Europe Equity)
5,000 Saint-Honoré Signatures + (high yield EUR)
4,000 AXA France Opportunités (French Equity)
4,000 UBAM Neuberger Berman US Eq (US Equity)
3,000 ML Global Energy (global energy)
2,000 Fortis Europe Energy (Europe energy)
