Pierre Bonart

“We maintain a positive medium-term view towards equities based on reasonable valuations and a supportive environment (M&A, share buy-backs, and so on). However the recent rebound seems fragile. Market breadth has decreased, showing that the rebound has been led by a small number of stocks. Trading volume has also been lower, which is not a sign of strength. We are therefore taking some profits and increasing our alternative exposure. 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.”