Pierre Bonart

“For the new year, we keep our positive stance towards equity, supported by sustained growth, low inflation, ample global liquidity and moderate valuations. Inflation is likely to stay low, which means that central banks may not have to become restrictive. The structural forces holding down bond yields may persist and we don’t expect any significant rise in global yields. We also take benefits on our European equity investments in favour of emerging markets, which exhibit a more attractive risk return profile and favour multi-strategy hedge funds.”