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.”