Vincent Chailley in his presentation explains a new management philosophy for the bond class of securities applied within Crédit Agricole Asset Management. From now on bond management is no longer a simple matter of buying bonds and waiting for them to mature, sometimes selling them during the life of the bond.
It is obviously still essential you hold onto part of your portfolio because, even if bonds are expensive, they may always increase in value, be more attractive than other asset classes or even protect you against a downturn resulting from a major event.
Nevertheless, this management style requires a rethink with a focus on specific ventures,, devoting at least one third of the asset risk to foreign currency management and, structurally, retaining a long-term bear position when it comes to speculation on risky assets.
