Julien Moutier

“February proved to be quite a good month for risky assets.

Our equity, convertible bonds and credit strategies did well but our defensive assets, namely implied volatility and sovereign debt, detracted from performance. Among the aggressive strategies, emerging themes underperformed once again, penalised by increased fears of inflation. Given the better valuations for euro high yield debt, we trimmed part of our US high yield bond fund (AXA US Short Duration) and increased our euro high yield vehicle (Allianz Euro High Yield).”