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Management and Evoque in the United lines. With monetary policies normalising, it No cryptocurrencies in this portfolio?
States, companies which are active in waste also makes sense to invest in European and o. There is very little compatibility between
recycling and water treatment respectively; American sovereign debt. cryptocurrencies and traditional finance,
and it’s the same story for hydrogen. There including on a practical level. The purchasing
are currently significant financing plans in What breakdown do you recommend? and holding circuits are not the same. ou cannot
this sector, with those able to benefit the On the dynamic risk profile, 47% equities buy cryptos on a stock exchange or deposit them
most being large industrial gas companies (max 55%), 10% cash, 15% alternative and in a traditional bank. This market is very little
such as Air iquide or inde in Germany. structured products (where you find, for regulated, with very little transparency. Since
example, hedge fund-type management funds cryptocurrencies are not controlled by any central
What is your ideal portfolio other than and gold) and the rest in bonds (mainly US bank, they are very speculative assets that are
10% cash? and European corporate bonds). more like gambling or betting than investing.
We are turning back to bonds because As we have international clients, we adopt As the FT scandal shows, the fact that well-
interest rates have risen impressively. multi-currency management (mainly euro, known hedge fund managers and sophisticated
Currently, you have sovereign rates around dollar, sterling and Swiss franc). The dollar, investors have been fooled illustrates the danger
2%, with a risk premium of 2%. We are, designed as a haven of peace in which to of investing in an industry where regulation is
therefore, on 4% with an extremely limited invest liquidity (treasury bills for example) almost non-existent!
risk on signatures products from companies in an unstable world, had an exceptional If they wish, our clients can also buy ETFs
which, a priori, will not default, namely the performance in 2022. With the stabilisation (treated like a stock but which replicate the
main banks, pharmaceutical companies, of monetary policies, this trend should be performance of another asset) in portfolios
or even estl . In the speculative debt curbed. The euro is appreciating against the which are “execution only”, where the client
segment - where companies are much more dollar, so we advise our euro clients who makes the decisions, or in “advisory” where it
indebted and de facto pay a higher yield of have dollars to gradually sell the dollars is the bank that advises but where the client
around 5 or 6% - we operate in a diversified they have in their account or to put in can also make his own transactions; but, to
manner through a tracker or a fund. The place hedging strategies on the positions be honest, currently, clients are not asking us
minimum investment in bonds in Europe is of securities held in dollar shares or bonds about crypto - which does not prevent them
around €100,000. To diversify a portfolio, it to hedge this exchange risk and avoid the having their own crypto wallet outside the
must be large enough to have 20 to 30 bond currency effect. banking system.

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