Pierre Bonart

“Our recommended portfolio allocation still appears to be well suited for current market conditions. Our 60 per cent equity positioning reflects our positive view for equities in both absolute and relative terms. Some 10 per cent of our equity exposure is invested in mining and energy stocks, for both diversification and return enhancements. Although a world of low and stable inflation implies no major moves in the Treasury this year, we continue to advocate a prudent view because of the poor risk overall risk ratio of this asset class.”