Pierre Bonart

“No significant changes since our last comments. Our current portfolio positioning is based on a global expansion scenario with only a modest slowdown in a context of low inflation. Asset prices should continue to be supported by the favourable liquidity environment. Equity valuations are reasonable in most markets. From a strategic point of view, we believe equities should continue to be the main beneficiary with most other asset classes offering less potential for capital gains. From a tactical point of view, the probability of a correction increases, as no significant drawdown has been seen on the developed equity indices since August.”