Portfolios

Our Robot Allocator increased the Commodities share in the Global Macro Portfolio, and selected JJC (iPath Bloomberg Copper Subindex Total Return). It also proceeded to an arbitrage within the equity allocation, selling TEL (Telecom Europe) and buying XBI (US Biotech).

XBI, weekly charts :

 

We decided to exit the ETF Lyxor TEL (Telecom Europe) from the Euro Active Portfolio, while the upward trend of the Index is invalidated and the relative performance versus the stoxx600 is deteriorating rapidly. The theme of the change in monetary policy by the ECB and the prospect of higher yields harms this sector that uses leverage while Telecoms are considered to be value stocks.

We integrate the ETF Proshares NOBL (listed in dollar) which tracks the performance of the S&P500 Dividend Aristocrats index, composed of S&P500 companies that have increased or maintained their Dividend over a period of at least 25 years.

• We believe NOBL looks attractive in the current context as it is expected to prove more resilient on periods of turbulence, while many sectors are now under pressure.

We integrate the ETF Amundi AHYE (high yield bonds) that allows an exposure to the 30 most liquid non-financial stocks with an average rating (sub-investment grade), on the corporate bond market  in a single transaction. These 30 Stocks are mainly European (c.

Our Robot Allocator further reduced the share of commodities in the Global macro portfolio and sold its BAL position (iPath Bloomberg Cotton Subindex Total ReturnSM ETN). The portfolio's other positions were overweighted accordingly.

BAL, weekly data :