Axel Weitens

“This month, central banks interventions as well as a fall in oil price brought about a bit of short-term optimism. In this context, we increased our equity exposure. We keep a strong weighting into hedge funds in spite of the recent correction. Nonetheless, as the global panorama is still unclear, we remain cautious about equities. In terms of geographic exposure, we continue to favour US and Japanese stocks, even if we have reduced our Europe underweight exposure. We think that emerging countries with a strong domestic demand still have potential. However, we have decreased our commodities exposure.”