Bernard Aybran
“With the important exception of the US, major markets recorded new highs during the first couple of months of the year. In particular, natural resources, both mining and energy, had the most impressive returns.
“With these good returns we decided to take some profits off the table and to reduce our exposure to equity markets as a whole, beginning with the US markets, which are more expensive and failed to gather any momentum so far this year.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
15,000 Saint-Honore Tam+ (Money market)
10,000 Goldman Sachs Global High Yield (high yield $)
7000 Saint Honoré Signatures + (high yield euro)
7000 Centifolia (French equity)
7000 Franklin Mutual European Equity (Europe equity)
5000 JPMF Natural Resources (commodities)
5000 Nordea North American Value (US equity)
5000 ML Global Energy (global energy)
5000 Socgen International (global equity)
4000 Fortis Europe Energy (Europe energy)
4000 Europe Rendement (Europe equity )
3000 Oblig Inflation (index linked bonds)
3000 Fortis Convertibles Europe
