Bernard Aybran

“Our asset allocation has not changed much since last month. We only increased our existing bets on Japanese stocks (focused on domestic companies), Asia and commodities. Our only European holdings are focused on specific approaches, such as recovery stories or mid-caps. Our weight in fixed income tends to be free

of duration risk, which we view as the main risk at the moment.”

Amount (E) - Fund

20,000 - MultiAlternatif Equilibre (fund of hedge funds)

10,000 - Polar Japan Fund (Japanese Equity)

8000 - CG Nouvelle Asie (Asia ex-Japan equity)

7000 - Franklin Mutual European Equity (Europe equity)

7000 - Callander Assets (US small caps)

6000 - Goldman Sachs Global High Yield (high yield dollar)

6000 - ML World Mining (commodities)

5000 - Socgen International (global equity)

5000 - Agressor (French equity)

5000 - Merrill Lynch Focused Value (US equity)

4000 - Saint-Honore Signatures + (high yield euro)

4000 - Centrale Croissance Europe (European small caps)

4000 - Legg Mason US Small Caps (US small caps)

3000 - Elan Convertibles Europe (European convertibles)

3000 - Victoire Obligations Internationales (investment grade)

3000 - AXA Rosenberg Japan Small Cos (Japanese equity)