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By PWM Editor

“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.”

 

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