Pierre Bonart

“We maintain our cautious bias given the uncertainties regarding consumer spending and the amplitude of the growth slowdown. Sector rotation is strong, with big performance ­differences. The lack of visibility on equity markets leads us to increase our alternative investment exposure, which is now 40 per cent of our investment portfolio. This is ­implemented through multi-strategy funds of funds. We continue to favour large-cap equities against small cap. We also maintain a defensive growth bias. Investor pessimism is high and could trigger a short-term rally; however, some care should be taken before turning bullish again.”