Pierre Bonart
“No significant change in our portfolio since last month. The slowdown in the US economy is sufficient to reduce inflation pressures, but not enough to crush earnings. We believe the probability of a recession is marginal. Decent equity valuations are supportive in both absolute and relative terms. We favour a defensive stance on equities. Yields in the US may have more downside on the mid-term, however in the short run, risk return is less appealing and we feel comfortable with our current stance.”
Amount (E) Fund
25,000 L Multi Hedge
15,000 Louvre Multi Select Global Bond Fund
5,000 Henderson Horizon Japan
5,000 AXA World Talents
5,000 Comgest Asia
5,000 Europe Value
5,000 L Convertibles
5,000 Louvre Multi Select Emerging Markets Equity Fund
5,000 MLIIF World Energy Fund
5,000 MLIIF World Mining Fund
5,000 OPA Monde
5,000 Renaissance Europe
5,000 WP Select Growth (US Conservative Growth)
5,000 Legg Mason America Value
