Bernard Aybran

“Over the course of April, one euro equity investment has been redeemed and one new holding has been added, a US equity one. This shift is not primarily derived from a regional preference but rather from a concern on the currency movements and a style bias. As major Western markets ended April on a very positive tone, the odds are that they witness some kind of retrenchment, whether in absolute terms or relative to their emerging counterparts. However, current valuations as well as recent fund flows – which did not point at all to euphoria – both make a major correction rather unlikely.”