Julien Moutier

head of portfolio management, FundQuest, BNP Paribas Group

Based in: Paris, France

“Year end brought positive returns on risky assets. The equity portion of the portfolio invested in emerging and developed markets contributed significantly to its strong performance. In fixed income, our European convertibles holdings did well helped by supportive equity markets. Our defensive holdings on sovereign debt and implied volatility detracted from performance, penalised by improving macro-economic figures. We switched part of our credit exposure from corporate investment grade to financial subordinated debt, benefitting from an interesting entry point and good fundamentals.”