“Over the month of January, equity markets fell, reversing last year’s rising trend. Given this context, our equity and convertibles exposure detracted from performance resulting in a negative contribution from mid-month. Nevertheless, we are still expecting economic growth to gradually reach its potential in the US and Europe. Thus, we’ve decided to increase our stance on US high yield debt, favouring existing holdings on Axa IM US High Yield Short Duration. This will enable us to benefit from strong carry, limiting the impact of eventual spread widening.”