Pierre Bonart

“Investors are confident about risky assets, in particular equities and high yield bonds. The economic background is good, with a synchronised growth in the three main regions – the US, Asia and Europe. We remain pro-cyclical growth-oriented, with a preference for late cyclicals. As the year goes, we may favour a more defensive stance, especially if the Fed becomes less accommodative. This will mainly depend on the US employment market and the inflation level. ”

Amount (E) - Fund

22,500 - Louvre Multi Select Global Bond Fund

20,000 - Legg Mason America Value

7500 - Agressor – La Financiere de l'Echiquier (small cap value)

7500 - Credit Suisse Asset Management Convertible Bond Europe

6250 - Louvre Multi Select Emerging Equity Fund

6250 - MLIIF World Mining Fund

5000 - Wanger AM New America Small Caps

5000 - Capital International Fund (world equites)

5000 - Nouvelle Croissance Asie (Asian ex Japan equities)

5000 - Croissance Euro Actions (Euro growth equities)

5000 - ADI Convex Valor (convertible bond arbitrage)

5000 - Pimco Total Return (US fixed income)