Julien Moutier
“The markets continued to suffer losses in February with global equity markets falling to levels not seen for 10 years. This reflects heightened concerns over the corporate profit outlook for 2009 and whether the stimulus packages will be successful. The MSCI AC World fell 10 per cent in US dollar terms and the MSCI Emerging index dropped 5.7 per cent. Volatility remains high, but has stabilised under 50 per cent. Returns on our portfolio suffered from the correction on global markets while it benefited from our exposure to euro government fixed income through the Petercam’s core vehicle. We were penalised by widening spreads on US corporate credit.”
AMOUNT () FUND
21,000 BNP Insticash Fund EUR
13,000 FundQuest Bond Opportunities (bond total return)
11,000 Ecofi Quant Trésorerie Dynamique (enhanced cash)
11,000 Uni-global Minimum Variance Europe (defensive European
equity)
10,000 Petercam Bonds Euro (core Euro bond)
7,000 Alken European Opportunities (opportunistic European equity)
7,000 Threadneedle Asia Growth Fund (core Asian equity)
6,000 BNP Paribas Convertible Europe (European convertible)
6,000 Raiffeisen 313 Trend Follower Bonds (Euro flexible bond)
5,000 Franklin Mutual Beacon (defensive US equity)
3,000 AXA IM US High Yield Short Duration (defensive US high yield)
