Bernard Aybran

“So far in 2007, the trend has kept being our friend : basically, what worked during the previous years still works in 2007, i.e. equity as a whole, with the emphasis on whatever is cyclical or small cap and more dimmed returns in the US. But past performance is not indicative at all of future returns, particularly if some trends outside the equity markets alter. The dollar softness is a new parameter to keep in mind. The only move we made this month was a slight increase of the US weight, which now accounts for a quarter of the total equity exposure, which obviously has to be hedged back into the base currency.”