Pierre Bonart
“We get more cautious and think the market gets too optimistic. However, valuations are reasonable and offer a protection against a severe downturn. We still have a positive view for equities in both absolute and relative terms, but it is time to adjust to rising risk factors. Ten per cent of our equity exposure is invested in mining and energy stocks. We continue to benefit from our low exposure to fixed income products and from our exposure to a fund of hedge fund.”
Amount (E) Fund
35,000 L Multi Hedge
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 Louvre Multi Select Global Bond Fund
5,000 MLIIF World Energy Fund
5,000 MLIIF World Mining Fund
5,000 OPA Monde
5,000 Pioneer Top European Players
3,000 Legg Mason America Value
3,000 WP Select Growth (US Conservative Growth)
2,000 Wanger AM New America Small Caps
