Pierre Bonart
“We see low equity volatility and reasonable equity valuations, with industry PE sticking within a narrow range. Government bond yields in Europe and the US are low, commodity prices are rising, credit spreads are tight and real estate prices are high. Yields may go even lower. Risk-reward is quite poor and calls for an alternative, which is why we are maintaining a relatively low fixed income exposure. We are ready to accept an opportunity cost in the short run, while chasing long-term higher returns.”
Amount (E) Fund
20,000 L Multi Hedge
12,000 Legg Mason America Value
11,000 WP Select Growth (US conservative growth)
10,000 Louvre Multi Select Global Bond Fund
10,000 Comgest Asia
7500 Croissance Euro Actions (euro growth equities)
5000 OPA Monde
5000 Credit Suisse Asset Management Convertible Bond Europe
5000 AXA World Talents
5000 Agressor - La Financiere de l'Echiquier (small cap value)
3500 T Multivalor
3000 Wanger AM New America Small Caps
3000 Louvre Multi Select Emerging Equity Fund
