Julien Moutier

“Risky assets rebounded significantly in March. Equities from developed and emerging countries bounced back sharply in what were perceived as a sustainable economic environment and accommodating financial conditions. Our exposure to credit investment grade and high yield areas, as well as convertibles, contributed to performance. Since our investment grade credit positions appreciated strongly, we again reduced their weight. We increased our high-yield positions which are benefiting from a better risk reward. Despite poor returns, we are keeping BNP Paribas Euro Long Vol as a hedge against possible market turmoil.”