Bernard Aybran
“The balanced portfolio remained biased toward equity this month. Yet, some amendments have been made both on the fixed income and equity sides. First, we added an emerging debt holding, on the back of its resilience to the many US interest rates hikes so far. On the equity side, we took hefty profits on the mining holdings and totally reinvested them in some existing holdings. Lastly, we have reduced our holdings in a pan European equity fund whose manager has just left; while we did not take all the money off the table, we have chosen a conservative stance and cut our holding by half.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
8,000 Franklin Mutual European Equity (Europe equity)
8,000 Tricolore (French Equity)
7,000 CAAM Obligations International (Sovereign Debt)
7,000 ING Emerging Debt Hard Currency (Emerging Debt)
7,000 Victoire Oblig Internationales (Global Fixed Income)
6,000 Saint-Honoré Signatures + (high yield EUR)
5,000 Centifolia (French equity)
5,000 Fortis Europe Energy (Europe energy)
5,000 JPMF Natural Resources Resources (Commodities)
5,000 ML Global Energy (global energy)
5,000 Amérique Rendement (US Equity)
5,000 Oyster European Opportunities (Europe equity)
4,000 UBAM Neuberger Berman US Eq (US Equity)
3,000 Carmignac Euro Investissements (European Equity)
