Julien Moutier

“During the past month, our balanced portfolio continued to benefit from the global market’s recovery. Several positions taken on European and Asian equities, as well as corporate/emerging high-yield bonds, contributed positively to performance. This was due to the decline in risk aversion which resulted from the rebound. Thus, we kept our secured portfolio unchanged just as we decided last month to increase our fixed income exposure, and trimmed our exposure in emerging markets and Euroland. We also forecast that our convertibles holdings should protect us from any possible market correction.”