Thierry Callault

The panel Our cautious bias was right in July. We’re still concerned by valuations and geo-political risks and this explains our conservative 50-50 equities/bonds allocation. We will advise investors to move from small caps to large caps both in US and Europe and we will stay overweight in corporate and high yield bonds versus gilts. We’re still positive on Asia, including Japan.” The investments Amount (E) - Fund 150,000 - Pimco Total Return (US bonds) 60,000 - Wanger New America Small Caps (US small cap) 50,000 - ADI Convex Valor (alternative investments – convertible bond arbitrage) 35,000 - Legg Mason America Value (US large-cap value) 35,000 - Kempen New Europe Small Caps (European small-cap growth) 30,000 - WP Stewart Select Growth (US equity) 25,000 - CSAM Convertible Bond Europe (convertible bonds) 25,000 - Western Asset Global Yield Europe (European and US high yield) 20,000 - Comgest Renaissance Europe (European large cap) 20,000 - Capital International Multisector Europe (European large cap) 15,000 - Comgest Asia (Asia and Japan equity) 10,000 - JPMorgan Fleming New Economy Japan Sicav (large-cap Japanese equity) 12,500 - UOB Nouvelle Croissance Asia (Asian equities) 12,500 - JPMorgan Fleming Nouvelle Croissance Europe (emerging Europe)