{"id":2793,"date":"2021-05-27T16:16:43","date_gmt":"2021-05-27T14:16:43","guid":{"rendered":"https:\/\/monocle.lu\/?p=2793"},"modified":"2022-05-05T17:15:53","modified_gmt":"2022-05-05T15:15:53","slug":"positionnement-prudent","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/05\/27\/positionnement-prudent\/","title":{"rendered":"Cautious positioning"},"content":{"rendered":"

The fund's positioning remains cautious, which we believe is appropriate with markets at their historical peaks and valuations at extreme levels.<\/p>\n

Against our equity portfolio, which is made up of various lines that we consider to be good investments, we are maintaining our downward position on the US SP500 index, which brings our net equity exposure down to 6%.<\/p>\n

The security portfolio represents about 55% of the fund. It is composed of short government bonds (Germany, France, Netherlands, US) offering little interest rate risk and liquidity. These are our reserves ready to be deployed in case of opportunities. Corporate bonds represent 5% of the fund.<\/p>\n

Finally, the fund retains a foreign currency exposure of around 23% divided between USD, GBP, SEK and CHF.<\/p>\n

Kind regards,
\nMimoza<\/p>","protected":false},"excerpt":{"rendered":"

Le positionnement du fonds reste prudent, ce qui nous semble appropri\u00e9 avec des march\u00e9s qui sont \u00e0 leurs plus hauts historiques et des valorisations qui sont \u00e0 des…<\/p>","protected":false},"author":8,"featured_media":2901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Positionnement Prudent<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Positionnement Prudent\" \/>\n<meta property=\"og:description\" content=\"Le positionnement du fonds reste prudent, ce qui nous semble appropri\u00e9 avec des march\u00e9s qui sont \u00e0 leurs plus hauts historiques et des valorisations qui sont \u00e0 des...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2021\/05\/27\/positionnement-prudent\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-27T14:16:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-05T15:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2021\/05\/Chekpoint-6-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1662\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"L'\u00e9quipe Monocle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"L'\u00e9quipe Monocle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"Positionnement Prudent\",\"datePublished\":\"2021-05-27T14:16:43+00:00\",\"dateModified\":\"2022-05-05T15:15:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/\"},\"wordCount\":151,\"publisher\":{\"@id\":\"https:\/\/monocle.lu\/#organization\"},\"image\":{\"@id\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/monocle.lu\/wp-content\/uploads\/2021\/05\/Chekpoint-6-scaled.jpg\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/\",\"url\":\"https:\/\/monocle.lu\/2021\/05\/27\/positionnement-prudent\/\",\"name\":\"Monocle - 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