Julien Moutier

“Our balanced portfolio has benefited from our bets on gold, commodities and Asia, which performed strongly during March. In the context of a mini crash on bonds, our low duration bet and total return investments have protected investors from capital depreciation. This month, we slightly increased exposure to Japanese equities by reducing our stance on high yield bonds, as this asset class appears increasingly expensive. Following the end of the fiscal year, the Japanese market broke strong technical resistances and now appears well-orientated.”