Pierre Bonart

“Our market view remains globally unchanged, with a positive stance towards equity, supported by sustained growth, low inflation, ample global liquidity and moderate valuations. The diversification role played by our energy and mining equity investments within the portfolio has been especially evident in January; they helped reduce portfolio’s volatility and had a significant contribution to performance. On the fixed income side, the structural forces holding down bond yields may persist so we don’t expect much rise in global yields.”