Pierre Bonart

“We still remain cautious and wait for more visibility before increasing our equity exposure. However, valuations are reasonable and offer protection against a severe downturn. The slowdown of economic growth now calls for a more defensive stance. On the fixed income side, we believe the risk-return ratio has improved due to less probability of a large rise in interest rates. We therefore increased our investment in LMS Global Bond fund, to the detriment of our fund of hedge funds.”