Pierre Bonart

“In our last review, we mentioned the technical doubts behind the second quarter rebound, despite a medium-term environment still supportive for risky assets, especially equities, with strong risk appetites, plentiful liquidity and low inflation implying no necessary painful monetary restraint. We therefore had taken some profits on equities in favour of our alternative exposure. We keep this stance unchanged this month, while we continue to advocate a fairly balanced mix of styles with a specific focus on the quality of corporate earnings. We also continue to prefer large caps to small caps.”