Julien Moutier

“June and July proved to be unsupportive for risky assets. In a slowing economic environment with investors focused on sovereign debt problems in the eurozone and the US, equity markets declined almost everywhere. More recently, both eurozone and US politicians managed to finally find short-term solutions, reducing the market concerns over sovereign debt issues. Thus, we increased our equity exposure in both the eurozone and the US, buying back 2 per cent in each. We trimmed part of our volatility exposure to take profits, acting as an insurance policy in the recent correction.”