Julien Moutier

“April proved to be a mixed month but overall it was positive for risky assets. Our European, US and emerging equities exposure contributed to performance as did our credit strategies. The volatility hedge liquidated in March posted a negative return following a fall in implied volatility on the euro equity market. Due to toppish economic indicators in the US and eurozone, and since we’re approaching the end of QE 2, we decided to adopt a more cautious stance, trimming our equity exposure by reducing our European holdings and also cut part of our high yield diversification strategy.”