Outlook 2010

We extend our best wishes for the year 2010.

 
The recovery of economies is not uniform, emerging markets driven by China, India and Brazil have already since the second half of 2009, strong economic growth and it should be sustainable.
Regarding Western countries and Japan, the recovery is much more limited and remains unclear, the weight of public deficits remains heavy even if central banks seem willing to maintain a level of interest rates historically low, growth is primarily driven by budgetary aid.
In 2010 the future looks less uncertain and we decided to take positions more pronounced on the equity markets still favoring emerging markets and maintain the bond investments that are quite healthy.

But our philosophy is based on caution and portfolio managment over the medium term. The recent financial crisis has shown that over the medium term performance combined were much higher when the risks are mastered during periods of bear market  even if earnings are lower during bull phase.

We would like to thank you for placing your trust in us.

Funds Net Asset Value