Bernard Aybran
“Our balanced portfolio retained roughly the same equity weighting as last month. Our main change was selling the last US equity fund that remained and adding an extra European equity manager, which is focused on a growth at reasonable price, thematic approach. On the other hand, we have reduced the risk budget of our fixed income portfolio by selling half of the high yield funds. Within the next few months, we do not intend to increase the equity weighting, as we expect rather volatile markets.”
Amount (E) Fund
20,000 Saint-Honore Tam+ (money market)
20,000 MultiAlternatif Equilibre (fund of hedge funds)
7000 CAAM Obligations International (sovereign debt)
7000 Saint-Honoré Signatures + (high yield EUR)
7000 Franklin Mutual European Equity (Europe equity)
6000 Victoire Oblig Internationales (global fixed income)
5000 Carmignac Euro Investissements (European equity)
5000 Centifolia (French equity)
5000 JPMF Natural Resources Resources (commodities)
5000 ML Global Energy (global energy)
5000 Socgen International (global equity)
4000 Fortis Europe Energy (Europe energy)
4000 Tricolore (French equity)
