Julien Moutier

“March proved to be a mixed month for risky assets. Our emerging equities and credit strategies did well whereas European and US equities detracted from performance.

Our volatility hedge partially protected the portfolio during the Japanese crisis, before suffering from the market recovery. We expect long-term sovereign rates to increase with confirmation of expanding economic growth in the US and approaching the end of the second round of quantitative easing forecast for June. Thus, we cut our pure sovereign exposure and increased cash exposure.”