Julien Moutier

“Equity markets rebounded strongly this month against a background which, overall, proved more reassuring for investors. Beyond the fears of European sovereign debt crisis contagion, which persisted right up to the end of the month, observers were comforted by better than expected economic news from the US. Thanks to recent equity markets’ rebound, we took this opportunity to cut our euro equity exposure to the BlackRock Euro Markets Fund from 2 per cent to 0 per cent of the portfolio. At the same time, we reduced global risk exposure by removing our US high yield holdings from the portfolio.”