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By PWM Editor

“Clouds are gathering for investors. The geopolitical situation is becoming more blurred. It looks like there will be more bad news about corporate earnings. All the equity market signals are negative. Looking at trading volumes, investors seem paralysed and many big investors are being forced to sell. However, this lack of volume could lead to sharp 20–30 per cent bear markets rallies. This is the only reason why we are not totally out of stocks.” Amount (E) - Fund 25,000 - MultiAlternatif Equilibre (fund of hedge funds) 9000 - AXA Euro Credit (European investment grade) 9000 - SGAM Euro Spread (European investment grade) 7000 - Oblig Inflation (index linked bonds) 6500 - Saint-Honoré Capital (European sovereign) 6000 - CS BF High Yield Euro (European high yield) 5000 - Saint-Honoré Sécurité (money markets) 5000 - Socgen International (global equities) 4500 - Victoire Obligations Internationales (investment grade) 4000 - Agressor (French equities) 4000 - Acofi Rendement (real estate) 4000 - Centifolia (French equities) 3000 - Rendements Emergents (emerging market debt) 3000 - IDE France Dynamisme (French equities) 3000 - ML Focused Value (US equities) 2000 - SogeSector Or (gold mines)

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