Julien Moutier
“During the past month, our balanced portfolio benefited from the global market’s recovery. Several positions taken on European and Asian equities, as well as corporate/emerging high yield bonds, contributed positively to performance. This was due to the decline in risk aversion which resulted from the rebound. Because of the recent sell-off on government bonds, we increased our fixed income exposure by adding more PAM Bonds Euro holdings, our core strategy for the eurozone. We also reduced equity exposure in emerging markets and euroland in order to take profits. Our increased exposure to convertibles should protect us from possible market corrections.”
Amount (E) Fund
16,000 BNP Paribas Sélection Obligations (Bond Total Return)
15,000 Alternatime 300 (Total Return)
15,000 CAAM Dynarbitrage Var 20 (Total Return)
15,000 PAM Bonds Euro (Euro Bond)
12,000 Cyril Convertible Taux (Convertible Bond)
9000 PAM Bonds Higher Yield (Emerging and High Yield Bonds)
6000 Axa Or et Matières Premières (Commodities Equity)
5000 Morgan Stanley Japanese Equity Value (Japanese Value Equity)
4000 Parvest Europe Value (European Value Equity)
3000 Fidelity South East Asia (Asian Growth Equity)
