Pierre Bonart

“No major changes since our last review. Our main strategic allocation theme remains the attractiveness of equity markets against other traditional asset classes, especially fixed income. We therefore maintain our low exposure to fixed income, which has benefited from the rise of interest rates both in the US and in the Euro zone. We also continue to recommend investments in alternative assets and are therefore invested in a multi-strategy fund of hedge funds, which potentially give the same long-term returns for a much lower volatility.”