Julien Moutier

“Our balanced portfolio has benefited from several bets such as European and Asian equities and corporate/emerging high yield. The bet on gold taken for diversification purposes has also contributed positively and seems to be quite resilient in the current downturn. Due to the recent sell-off on government bonds we have decided to increase our fixed income exposure by introducing Pam Bonds Euro, a core approach on the eurozone. Recent US durable goods figures make the slowdown appear sharper than forecasted. In a context of overbought equity market and low risk aversion, this has led to a strong correction on global equity market. We have cut part of our Asian exposure through equities and convertibles.”