Julien Moutier

“Over the last two months, our portfolio has suffered from the strong correction on global equity markets. There was practically nowhere for investors to hide as both developed and emerging countries dropped dramatically. On the other hand, government bonds and total return vehicles brought positive returns, where implied volatility didn’t get in the way by playing a defensive role. We introduced the fund ‘Lyxor Quant Progressive’ which aims to generate returns with a low correlation to bonds or equities. It favours hidden assets such as volatility and correlation. We’ve increased our holdings on US high yield bonds, benefiting from their recent correction.”