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PRODUCTSMEET THE SELECTORS BERNARDAYBRAN


CIOMULTI-MANAGEMENT, INVESCO BASEDIN: PARIS,FRANCE


“Septemberhasbeenan interestingmonthfor actively managedequity funds as it isoneof these not-so-usual monthswhenamajority outperformedthe indexin Europe.Thebalancedportfolio did benefit fromthat trend. Overall, the trendof value underperformancewenton andany allocation to thispart of themarketwouldhave cost- relativeperformance.Onthe asset allocation side, the small portion of the portfolio that hadbeenput aside inmoney market hasbeenput towork byincreasingthe alternative investments.Emergingdebt hasbeenincreased.”


PAULHOOKWAY


SENIORFUNDANALYST, KLEINWORTHAMBROS BASEDIN:LONDON,UK


“The recent sharp rebound in economic activity is giving grounds for optimism going forward.Against this backdropweincreased our equity exposure from significantlyunderweight to onlymodestlyunderweight, continuing our current cautious stance.Wereduced fixed incomeby 5 per cent, taken fromthe giltpositions, alsoswitching theemerging market debt position into the investment grade credit allocation. The proceedswere added to theUSand Japanese equity exposures, the biggest additionwas toBaillie Gifford Japanese”


ANTTI SAARI


CHIEF INVESTMENT STRATEGIST, NORDEAINVESTMENTS BASEDIN:COPENHAGEN, DENMARK


74 OCTOBER/NOVEMBER 2020


“The recent sell-off of stocks bears the mark of a correction andwe think that the underlying drivers of the recent rally still remain in place. Volatility could remain elevated until after the US election, should the result remain unclear. Once that hurdle is passed,however, investors’ focus turns back to the ongoing recovery. Westick to our overweight in equities. For euro-based investors, we recommend downgrading government bonds to a deeper underweight and lifting euro investment grade corporate bonds to an overweight.”


AMOUNT (€)


EQUITY 10,000 10,000 5,000 5,000 5,000 5,000 5,000 5,000


FIXED INCOME 15,000 10,000 12,500


ALTERNATIVES 12,500


100,000 FUND NAME Invesco ETF Nasdaq 100


Ossiam Shiller Barclays US CAPE Allianz Europe Equity Growth


Fidelity European Dynamic Growth Invesco Asian Equity MFS European Value Renaissance Europe


SPDR MSCI World Healthcare Invesco Global Total Return


Pimco Low Duration Euro Corp ETF Invesco Belt & Road Debt


Invesco Global Income SECTOR


US Equity US Equity


European Equity European Equity Emerging Equity European Equity European Equity European Equity


Global Investment Grade Euro Investment Grade EM Debt


Balanced


SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 50,000


37,500 12,500 0


100,000 AMOUNT (€)


EQUITY 10,000 10,000 7,000 7,000 6,000 6,000 6,000 3,000


FIXED INCOME 10,000 7,000 2,000


ALTERNATIVE 9,000 5,000 5,000


CASH 5,000


100,000 SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 57,000


19,000 19,000 5,000


100,000 AMOUNT (€)


EQUITY 17,500 11,000 7,000 5,500 5,000 2,500 1,500


FIXED INCOME 22,000 8,000 6,000 4,000


ALTERNATIVES 10,000


100,000 FUND NAME Nordea Global Enhanced Wellington US Research Equity


JP Morgan Europe Select Equity Fund Wellington EM Research Equity Nordea Global Stars Equity Fund Nordea Global Stable Equity Fund T. Rowe Price Japanese Equity


Nordea Corporate Bond Fund PGIM EM Bond Opp Fund AEGON Global High Yield


Nordea Alpha 10 MA Fund SECTOR


Global Equity US Equity


European Equity


Emerging Market Equity Global Equity


Global Low Vol Equity Japanese Equity


Investment Grade


Emerging Market Debt Global High Yield


Nordea Euro Medium Term Bond Fund Government Bonds Multi Asset


LAST MONTH 52,000


24,000 19,000 5,000


100,000


LAST MONTH 50,000


37,500 7,500 5,000


100,000


FUND NAME


Lyxor S&P 500 ETF iShares S&P 500 ETF


Blackrock Continental European Flexible Loomis Sayles US Growth Equity Baillie Gifford Japanese Fidelity Emerging Markets Robeco US Premium


AXAWF Framlington UK Fund


Lyxor Core FTSE Act UK Gilts ETF Invesco Sterling Bond Fund


Lyxor Core FTSE Ac UK Gilts 0-5y ETF


Wisdom Tree GBP Hdgd Phy Gold ETC Lyxor/Sandler US Equity Lyxor Tiedemann


Cash


SECTOR


US Equity US Equity


European Equity US Equity


Japan Equity


Global Emerging Markets US Equity UK Equity


Government


Investment Grade Bond Fund Government


Gold


US Long/Short Equity M&A arbitrage


Money market


SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 50,000


40,000 10,000 0


100,000


LAST MONTH 50,000


40,000 10,000 0


100,000


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