Alex Borer

“Financial markets remain in the sweet spot. Global economies continue their recovery path and fiscal and monetary stimulation provide stable tailwind. Investors themselves stay cautious, doubt the rally and keep record amounts of liquidity. We are far from irrational exuberance. In terms of asset allocation we reduced commodities by 3 per cent. A less favorable supply demand balance, the loss resulting from upward sloping future curves and weaker price trends, limit the medium-term potential. We increase the allocation to high yield bonds (+3 per cent) and gold mines (+2 per cent).”