Bernard Aybran
Bernard Aybran, head of manager selection, LCF Rothschild
Based in: Paris, France
“Two main changes have occurred on our balanced portfolios in October. We first have totally wiped out our reverse bonds holdings as it looks like the downtrend in the interest rate market is back; we mostly used the proceeds on adding to our high yield funds. On the equity side, we sold our remaining Japan holdings to reinvest an equivalent amount on value European stocks and US small caps. Going forward, we remain confident equity markets can enjoy a reasonable rally within the next few months.”
Amount (E) Fund
20,000 MultiAlternatif Equilibre (fund of hedge funds)
9000 Europe Rendement (Europe equity )
8000 Fortis Europe Energy ( Europe energy)
7000 Oblig Inflation (index linked bonds)
7000 Saint Honoré Signatures + (high yield euro)
7000 Franklin Mutual European Equity (Europe equity)
7000 ML Global Energy (global energy)
7000 Centifolia (French equity)
5000 GAM North American Growth (US equity)
5000 Socgen International (global equity)
5000 Goldman Sachs Global High Yield (high yield $)
5000 CS Global Resources ( commodities)
4000 Wanger US Small Caps (US equity)
2000 Fortis Convertibles Europe
2000 ML Focused Value (US equity)
