Bernard Aybran

“The overall weightings of the main asset classes remain unchanged : 66 per cent equity, 20 per cent hedge funds and 14 per cent fixed income. However, as far as bonds are concerned, we took some profits on the high yield holdings to reinvest the proceeds in index-linked bonds. Regarding the equity part of the portfolio, we have added to the Japanese smaller caps, commodities and energy whereas reducing our investments on mainstream markets (Europe and the US).”

Amount (E) - Fund

20,000 - MultiAlternatif Equilibre (fund of hedge funds)

7000 - Fidelity South East Asia (Asia ex Japan equity)

6000 - Franklin Mutual European Equity (Europe equity)

5000 - SocGen International (global equity)

5000 - Saint Honoré Vie et Sante (consumer non cyclical)

5000 - Agressor (French equity)

5000 - ML Focused Value (US equity)

4000 - Axa Rosenberg Japan Small caps

4000 - Polar Japan Fund (Japan equity)

4000 - Fortis Convertibles Europe (European convertibles)

4000 - ML World Mining (commodities)

3000 - Saint-Honoré Signatures + (high yield EUR)

3000 - Oblig Inflation (index link bonds)

3000 - Centifolia (French equity)

3000 - Legg Mason US Small Caps (US small caps)

3000 - Callander Assets (US small caps)

3000 - CS Global Resources (commodities)

3000 - Wellington Global Health Care (global health care)

2000 - Elan Convertibles Europe (European convertibles)

2000 - Goldman Sachs Global High Yield

2000 - Centrale Mid Caps Europe

2000 - Legg Mason Value (US equity)

2000 - Saint Honoré Euro Opportunities (Europe equity)