Bernard Aybran

“Our asset allocation is shifting slowly towards new year’s bets, which tend to be rather consensus bets. Two thirds of the portfolio is now invested in equities and our fixed income investments bear almost no duration risk. Within the equity funds, there are two new additions: the US Value fund run by Legg Mason’s Bill Miller and Fidelity’s Asia ex Japan.”

Amount (E) - Fund

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

8000 - Merrill Lynch Focused Value (US equity)

8000 - Fidelity South East Asia (Asia X Japan Equity)

7000 - Polar Japan Fund (Japan Equity)

6000 - Goldman Sachs Global High Yield (high yield dollar)

6000 - Merrill Lynch World Mining (commodities)

6000 - Legg Mason Value (US equity)

5000 - Elan Convertibles Europe (European convertibles)

5000 - Socgen International (global equity)

5000 - Agressor (French equity)

5000 - Centifolia(French equity)

5000 - Callander Assets (US small caps)

4000 - Centrale Croissance Europe (Europe small caps)

4000 - Franklin Mutual European Equity (Europe equity)

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

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