Julien Moutier

“Over the past month, our European positions led the portfolio’s performance. In particular we profited from a good return on our strategy invested in volatility which benefited from erratic markets. On the other hand, government bonds had a detrimental effect on performance due to strong fears of rising inflation. We introduced the fund ‘AXA Or et Matières Premières’ to benefit from the recent correction in the gold price. This investment also provides us with a hedge against inflation which we deemed prudent in the current environment. We have retained our equity holdings which are supported by low valuations.”