Pierre Bonart

“In our February review, we had highlighted the probability of a correction in equity markets. After the quick sell-off, global markets are close to their 2007 highs. We maintain a positive strategic view on equities based on reasonable valuations, a supportive environment and a still positive trend. We nevertheless see an increased nervousness in investor sentiment, who tend to react more to recent macro-economic news. We are therefore more comfortable with an equity position focusing on the quality of corporate earnings. This should be supportive in the case of decelerating earnings. We also continue to prefer large caps to small caps.”