Pierre Bonart
“We prefer to remain rather cautious therefore to wait for more visibility before increasing our equity exposure. However, valuations are reasonable and offer a protection against a severe downturn. We still have a positive view on equities in both absolute and relative terms. We have sold off our remaining exposure to US small caps and switch in favour of larger capitalisations. In fixed income, the risk-return ratio has improved due to a lower probability of a large rise of interest rates.”
Amount (E) Fund
25,000 L Multi Hedge
15,000 Louvre Multi Select Global Bond Fund
7,000 Henderson Horizon Japan
5,000 AXA World Talents
5,000 Comgest Asia
5,000 Croissance Euro Actions (Euro Growth Equities)
5,000 L Convertibles
5,000 Louvre Multi Select Emerging Equity Fund
5,000 MLIIF World Energy Fund
5,000 MLIIF World Mining Fund
5,000 OPA Monde
5,000 Pioneer Top European Players
5,000 WP Select Growth (US Conservative Growth)
3,000 Legg Mason America Value
