Julien Moutier
“Over the month, our balanced portfolio has benefited from several bets such as European equities, corporate and emerging high yield. Our exposure towards global government bonds has been detrimental to the performance. In a context of soft-landing confirmation we have decided to reduce our holdings in European equities and to a lesser extent in the Japanese market. After having activated a stop loss on gold last month, we have come back on it, considering good level of jewellery demand coming from India and restricted offer. We have also, this month, slightly reduced our stance towards equities by cutting a part of the Asian convertibles fund, which is very sensitive to the stock market.”
Amount (E) Fund
15,000 Alternatime 300 (Total return)
15,000 BNP Paribas Sélection Obligations (Bond total return)
15,000 CAAM Dynarbitrage Var 20 (Total return)
8,000 Cyril Convertible Taux (Convertible bond)
8,000 PAM Bonds Higher Yield (Emerging and high yield bonds)
7,000 Morgan Stanley Japanese Equity Value (Japanese value equity)
6,000 Fidelity South East Asia (Asian growth equity)
5,000 Mellon Global Bonds (Global bond)
5,000 Carmignac Investissement (Flexible global equity)
5,000 State Street Actions Euroland
4,000 Convertible Fund - Convertible International (Convertible bond)
4,000 Parvest Europe Value (European value equity)
3,000 AXA Or et Matières Premières (Commodities equity)
