Pierre Bonart

“No big changes in our view since last month: we continue to believe that the current market uncertainties are more driven by the fears surrounding the credit than by the growth slowdown. Fed rate cuts will hardly help the market rebound, as long as confidence between lenders and borrowers remains an issue. We are maintaining our cautious bias and our significant exposure to alternative investments, through multi-strategy funds of hedge funds. We continue to favour large cap equities against small cap and we consider that strong sectorial bets should be avoided according to the high volatility across sectors.”