e-fundresearch.com: What are your personal lessons learned from 2014 market developments?
Phil Milburn: It was to remind us that sentiment can sometimes be a very dominant factor. We were able to avoid underweight duration positions in H2 2014 by being nimble and understanding the market technicals. We may think interest rates are expensive but if the flow of money is buying duration - understand the technical dynamic – we remain underweight duration although we have tempered our position.
e-fundresearch.com: To what extent has your portfolio been able to benefit from the strong appreciation of the US-Dollar in the second half of 2014
30 Minuten mit Pictet AM | Greater China im Fokus: Innovationschancen auf der Long- und Short-Seite
„Pictet TR-Mandarin: Innovationen in Greater China mit einem Long/Short-Ansatz nutzen“ | Einladung zum Online-Event mit Nataliya Taleva, Senior Client Portfolio Managerin im Hedgefonds-Team von Pictet...Phil Milburn: We do not take active currency bets so we don't seek to benefit from that per se; however for credit funds we were able to select issuers that would benefit from further improved US-Dollar sentiment and we were also able to return added performance from its strength through curve plays in US Treasuries.
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