Julien Moutier

“The main equity market indices did not rise quite as spectacularly in February as in January, but growth rates were still decent. Encouraging US growth and central bank liquidity in the US and eurozone sustained investor optimism. Given this rebound, we reduced our euro equity exposure by selling the BlackRock Euro Markets fund. In parallel, we cut our euro high-yield holdings which performed very well in the context of diminishing risk aversion. We increased our position in euro sovereign debt, since Italy and Spain have refinanced themselves in good conditions this year to date.”