Pierre Bonart, head of multi-management, Louvre GestionBased in: Paris, France

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From Fund Selection 01 June 2004

By PWM Editor

“We reduced our exposure to emerging markets, which are sensitive to interest rate levels.
We also trimmed down our small-cap stance since we believe the environment will become more favourable to large caps. We kept underweight on the fixed income side, while staying overweight on high yield bonds, which offers some protection against rising government yields. The money resulting from the reduction in the equity stance is invested in a tilted money market fund.”

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Pierre Bonart, head of multi-management, Louvre Gestion<br>Based in: Paris, France

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