Julien Moutier

“In the past month our secure investments protected the portfolio during the collapse in equity markets: Pam Bonds Euro returned +2.42 per cent ytd (as at 31 January) and Centrale Long Vol +0.91 per cent. They benefited from the flight to quality and the rebound in volatility. But our balanced portfolio suffered from its equity exposure. European and Asian equities contributed negatively because of the downturn in these markets. So we cut our position on Fidelity South East Asia and replaced it with the Threadneedle Asia Growth Fund, which is supposed to be more resilient in falling markets.”