Julien Moutier

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From Fund Selection 01 May 2009

By PWM Editor

“The international equity markets staged something of a rally from March 10th, after sinking below their November 2008 low in the early part of the month. There was no shortage of bad news on the macroeconomic front, however, casting an even darker shadow over growth prospects for the current year. This did not prevent equities from rallying in March. Returns on our portfolio benefited from the rebound on global markets especially through our Asian exposure. Considering lower risk aversion, we implemented credit exposure on high grade via the Bluebay Funds Investment Grade.”

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