Pierre Bonart

“No major change over the month. As we underlined last month, risks of an equity market correction were rising. The end of February sell-off does not change our view on world economic growth. The global environment is still favourable with low inflation, and fundamentals in the US economy remain positive. Relative to other classes, we prefer equities. After the correction, equity valuations are more attractive, corporate balance sheets still strong and global liquidity buoyant. Our current portfolio positioning maintains a defensive stance towards equities, favouring the US market, which seems to be the most resistant in a worst case scenario.”