Julien Moutier
“Over the past month, our European positions led the portfolio’s performance. In particular we profited from a good return on our strategy invested in volatility which benefited from erratic markets. On the other hand, government bonds had a detrimental effect on performance due to strong fears of rising inflation. We introduced the fund ‘AXA Or et Matières Premières’ to benefit from the recent correction in the gold price. This investment also provides us with a hedge against inflation which we deemed prudent in the current environment. We have retained our equity holdings which are supported by low valuations.”
AMOUNT (E) FUND 17,000 FundQuest Bond Opportunities (bond total return) 16,000 PAM Bonds Euro (core euro bond) 12,000 BNP Paribas Convertible Europe (European convertible) 9,000 Uni-global Minimum Variance Europe (defensive European equity) 7,000 Carnegie Fund European Equity (opportunistic European equity) 6,000 Alternatime 300 (total return) 6,000 Centrale Long Vol (volatility trading) 6,000 Ecofi Quant Trésorerie Dynamique (enhanced cash) 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) 2,000 AXA Or et Matières Premières (commodities equity)
