Julien Moutier

“During the past month, our balanced portfolio suffered from our credit and equity exposures, due to the recent market correction. Our positions taken on total return strategies and high yield bonds contributed negatively to performance. Our equity funds penalised performance with the major indices slump explained by the fear of equity investors. We decided to maintain our positions. The fundamentals underpinning the equity rise are satisfactory and still in place. We think risky assets, notably equities, can be expected to start to move up again once the present crisis has been digested.”