Axel Weitens

“In our opinion, current market uncertainties are more driven by financial newsflows than by macroeconomics figures. Crude oil under $100 had no positive effects, especially for emerging markets. On the other hand, fears of bankruptcies impacted negatively equities, and multiple interventions of central banks don’t attenuate bearish view of the investors. In this context, we maintain our slightly cautious bias and keep a 40 per cent exposure to alternative investments, through multi-strategy funds of hedge funds. In terms of geographic exposure, we continue to favour US and Japanese stocks. We are still less confident concerning Europe.”