Julien Moutier

“Equity markets rebounded significantly in January thanks to improving market sentiment. This was mainly driven by improving economic data in the US and to a lesser extent in the eurozone. The ECB’s LTRO auction of three-year loans to banks in late December notably diminished market fears of increased systemic risk in the banking system. We added a core euro equity strategy to the portfolio, namely the BlackRock Euro Markets fund. We increased our euro high-yield holdings through the Allianz Euro High Yield fund, which should benefit from good carry and further credit spread tightening.”