Julien Moutier
“Over the past month our equity investments contributed positively as global markets recovered. Risk aversion decreased slightly, and positions in government bonds and volatility suffered from profit taking. In view of the cheap valuations, Fed action and credit spread tightening, we have increased equity assets by 5 per cent through a defensive bet on the US (via the Franklin Mutual Beacon fund). This fund invests in distressed securities but also in bonds and cash. We believe that our convertible bet will deliver results in the near future, as it is favoured by low implied volatility and a high credit spread.”
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)
11,000 Alternatime 300 (total return)
9,000 Uni-global Minimum Variance Europe (defensive European equity)
7,000 Carnegie Fund European Equity (opportunistic European equity)
6,000 Ecofi Quant Trésorerie Dynamique (enhanced cash)
6,000 Centrale Long Vol (volatility trading)
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)
