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By PWM Editor

“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.”

 

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