Julien Moutier
“Our balanced portfolio suffered from debt and equity exposure over the past month. Corporate and emerging spreads widened in an environment of increasing risk aversion. We increased our duration on long-term euro bonds by cutting our exposure on emerging and corporate high-yield (PAM Bonds Higher Yield), and activated a stop-loss on CAAM Dynarbitrage VaR 20, which is positioned against the market. We increased holdings on Centrale Long Vol to 6 per cent of the portfolio.”
AMOUNT (E) FUND
17,000 FundQuest Bond Opportunities (Bond Total Return)
16,000 Alternatime 300 (Total Return)
16,000 PAM Bonds Euro (Euro Bond)
12,000 BNP Paribas Convertible Europe
9,000 State Street Actions Euroland
7,000 Carnegie Fund European Equity
6,000 ADI Crédit Arb Absolu
6,000 Centrale Long Vol
6,000 PAM Bonds Higher Yield (Emerging and High Yield Bonds)
5,000 Fidelity South East Asia (Asian Growth Equity)
