Julien Moutier
“Significant deleveraging continued in October, led by emerging markets and commodities. As a result, returns on our portfolio were mostly negative, as we were penalised by European and Asian equity market falls. Euro fixed income investments, as well as volatility, supported our performance. Uniglobal Minimum Variance was particularly resilient to volatile falling markets. We trimmed our position in European Convertibles which faced a strong sell-off and cut our gold exposure. We also took profits on volatility after it reached 80 per cent on the VIX (SP500 implied volatility). These sales enabled us to finance entry into the BNP Insticash Fund EUR.”
AMOUNT (E) FUND
17,000 FundQuest Bond Opportunities (bond total return)
16,000 BNP Insticash Fund EUR
16,000 PAM Bonds Euro (core Euro bond)
10,000 Ecofi Quant Trésorerie Dynamique (enhanced cash)
9,000 Uni-global Minimum Variance Europe (defensive European equity)
7,000 Carnegie Fund European Equity (opportunistic European 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)
5,000 Threadneedle Asia Growth Fund (core Asian equity)
3,000 AXA IM US High Yield Short Duration (defensive US high yield)
