Bernard Aybran

“Our allocation remains pretty much unchanged compared with last month’s, as far as the equity/ bonds balance is concerned. Coming in the third quarter earnings pre-announcement season, the upside potential is still there: first because of the dollar depreciation and second because market sentiment remains obviously favourable to stocks. As a consequence of the first argument, we are now underweight Europe and massively overweight Japan and Asia.”

Amount (E) - Fund20,000 - MultiAlternatif Equilibre (fund of hedge funds)

10,000 - Polar Japan Fund (Japan equity)

8000 - CG Nouvelle Asie (Asia ex Japan equity)

7000 - Franklin Mutual European Equity (Europe equity)

7000 - Callander Assets (US small caps)

6000 - Goldman Sachs Global High Yield

5000 - Agressor (French equity)

5000 - ML Focused Value (US equity)

5000 - Socgen International (global equity)

4000 - AXA Euro Credit (investment grade euro)

4000 - Centrale Croissance Europe (European small caps)

4000 - ML World Mining (commodities)

4000 - Saint-Honore Signatures (high yield euro)

3000 - Elan Convertibles Europe

3000 - MFS US Emerging Growth (US small caps)

3000 - Victoire Obligations Internationales (investment grade)

2000 - IDE France Dynamisme (French equity)