Latest Fund Manager commentary:
European equity markets suffered in April from a combination of unfavourable political and economic factors. The Netherlands underwent a government crisis, in effect, while France and Greece were in the throes of their electoral processes; at the same time, the United Kingdom and Spain saw their GDP figures drop in the first quarter.
The STOXX 600 dropped -2.21%, with some countries particularly badly affected, such as France (CAC 40: -6.16%). The worst-affected sectors were financials and basic materials, while the so-called defensive sectors such as health and agri-food held up better.
The fund AWF Optimal Absolute dropped slightly in this environment. The fixed income and volatility asset classes generated a profit. Our positions varied only slightly, both in terms of yield curves and volatility. We strengthened the core of these positions on the euro yield curve by closing existing positions on the US curves where we believe that there are fewer opportunities. On the equity and foreign exchange allocation, gains relating to short positions on the banks and the Spanish Ibex index were wiped out by losses on short positions on currencies (euro and yen).
Over the month, the A share of AXA Optimal Absolute declined by 6bp.