Pierre Bonart
“We maintain a positive medium-term view towards equities based on reasonable valuations and a supportive environment (M&A, share buy-backs, and so on). However the recent rebound seems fragile. Market breadth has decreased, showing that the rebound has been led by a small number of stocks. Trading volume has also been lower, which is not a sign of strength. We are therefore taking some profits and increasing our alternative exposure. We continue to advocate a fairly balanced mix of styles with a specific focus on the quality of corporate earnings. We also continue to prefer large caps to small caps.”
Amount (E) Fund
30,000 L Multi Hedge
15,000 Louvre Multi Select Global Bond Fund
5,000 Europe Value
5,000 Legg Mason America Value
5,000 US Select Growth (US Conservative Growth)
5,000 AXA World Talents
5,000 Comgest Asia
5,000 SG Japan Core Alpha
5,000 L Convertibles
5,000 Louvre Multi Select Emerging Markets Equity Fund
5,000 OPA Monde
5,000 Renaissance Europe
2,500 MLIIF World Energy Fund
2,500 MLIIF World Mining Fund
