Julien Moutier

May didn’t prove to be a good month for risky assets. In an environment of slowing economic indicators, our European, US and emerging market equities exposure detracted from performance. We trimmed our equity holdings in the eurozone, bringing the portfolio to a neutral position at 30 per cent equities. We took profit on our subordinated debt by cutting our allocation to Lazard Objectif Crédit Fi, which has contributed quite significantly since it was added in January. However, the fund could face headwinds should euro debt stress return. We also bought back into commodities.”