Bernard Aybran
“We are keeping our equity weight at 60 per cent of the portfolio unchanged. But, once again, we have biased our holdings towards a more defensive stance. First, we have added to our more defensive funds both in Europe and the US - typical value or stockpicking focused on dividend paying stocks. We sold our Asian and tech funds in order to increase our commodity holdings, and, in particular, a fund focused on the oil and gas sectors - this sector is valued using $20 a barrel whereas we hardly imagine it below $25.”
Amount (E) Fund
20000 MultiAlternatif Equilibre (Fund of hedge funds)
7000 Franklin Mutual European Equity (Europe equity)
7000 ML Global Energy (Global energy)
5000 Agressor (French equity)
5000 Centifolia (French equity)
5000 GAM North American Growth (US equity)
5000 ML Focused Value (US equity)
5000 Saint Honoré Vie et Sante (Consumer non cyclical)
5000 Socgen International (Global equity)
5000 Wellington Global Health Care
4000 Polar Japan Fund
4000 Fortis Convertibles Europe
4000 Goldman Sachs Global High Yield (High yield $)
4000 Callander Assets (US Small caps)
3000 LPF Protectaux (Reverse bonds)
3000 CS Target Return (Money Market)
3000 Saint Honoré Signatures + (High yield euro)
3000 Oblig Inflation (Index linked bonds)
3000 CS Global Resources (Commodities)
