Julien Moutier

“The market slide levelled out somewhat in December, which allowed volatility to ease from the extreme levels reached in October and November. As a result, returns on our portfolio were slightly negative, as we were penalised by the correction on European equity markets. Fortunately Asian Equities, and particularly Euro fixed income investments, supported our performance. Uniglobal Minimum Variance and Franklin Mutual Beacon were, once again, particularly resilient to falling markets. We increased our position on European and Asian equities, which should benefit if the market bounces back.” These purchases were financed by sales of Ecofi Quant Trésorerie Dynamique which aims to outperform the cash index.”