Carmignac Increases Global Stocks Exposure After October Selloff
2014-12-09 16:54:03.437 GMT
By Roxana Zega
Dec. 9 (Bloomberg) -- Carmignac Gestion boosted exposure to
global stocks to 36% in its Patrimoine fund after a cut to 10%
during the Oct. selloff, Didier Saint-Georges, member of
investment committee, says at presentation in Zurich.
* Maximum exposure to stocks in fund is 50%, reached in Sept.;
reduced by selling futures in Oct.
* Favors U.S. stocks over Europe for 2015; investors should
diversify assets into strong currencies such as USD rather
than euro
* Fund cut exposure to U.S. cyclicals as outperformance vs
defensives has narrowed
* High quality U.S. stocks to be next year’s best performers,
such as Google, Facebook, pharma
* Fund cut energy-sector exposure to 3%, still owns Anadarko;
says would buy more if oil prices rebound
* In European funds, has 17% exposure to stocks, while in
global funds Carmignac owns only Europe-based exporters, no
“true European stocks”
* Likes pharmaceuticals such as Novartis, Novo Nordisk and
owns luxury stocks such as Hermes, Richemont
* Likes pharmaceuticals such as Novartis, Novo Nordisk and
owns luxury stocks such as Hermes, Richemont</li></ul>
* Says Patrimoine absolute performance this year similar to
last 25 years average; Carmignac manages ~EU23b in its
Patrimoine fund, Saint-Georges said
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To contact the reporter on this story:
Roxana Zega in Zurich at +41-44-224-4120 or
rzega@bloomberg.net
To contact the editors responsible for this story:
Deborah L Hyde at +44-20-3216-4829 or
dhyde10@bloomberg.net
Andrew Rummer
2014-12-09 16:54:03.437 GMT
By Roxana Zega
Dec. 9 (Bloomberg) -- Carmignac Gestion boosted exposure to
global stocks to 36% in its Patrimoine fund after a cut to 10%
during the Oct. selloff, Didier Saint-Georges, member of
investment committee, says at presentation in Zurich.
* Maximum exposure to stocks in fund is 50%, reached in Sept.;
reduced by selling futures in Oct.
* Favors U.S. stocks over Europe for 2015; investors should
diversify assets into strong currencies such as USD rather
than euro
* Fund cut exposure to U.S. cyclicals as outperformance vs
defensives has narrowed
* High quality U.S. stocks to be next year’s best performers,
such as Google, Facebook, pharma
* Fund cut energy-sector exposure to 3%, still owns Anadarko;
says would buy more if oil prices rebound
* In European funds, has 17% exposure to stocks, while in
global funds Carmignac owns only Europe-based exporters, no
“true European stocks”
* Likes pharmaceuticals such as Novartis, Novo Nordisk and
owns luxury stocks such as Hermes, Richemont
* Likes pharmaceuticals such as Novartis, Novo Nordisk and
owns luxury stocks such as Hermes, Richemont</li></ul>
* Says Patrimoine absolute performance this year similar to
last 25 years average; Carmignac manages ~EU23b in its
Patrimoine fund, Saint-Georges said
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Roxana Zega in Zurich at +41-44-224-4120 or
rzega@bloomberg.net
To contact the editors responsible for this story:
Deborah L Hyde at +44-20-3216-4829 or
dhyde10@bloomberg.net
Andrew Rummer