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Overall, the macro and liquidity conditions are still positive for risk assets, even if downside risks and uncertainties have increased recently. While earnings growth momentum continues to accelerate, equity market valuations remain rich, especially in the US. We also observe some deterioration in market dynamics: sentiment is overbought, and market breadth has been deteriorating. While we maintain a constructive view on equities, we move to a more balanced positioning in terms of asset classes and regions and downgrade our view on equities from overweight to neutral. - While we still have a structural preference for US equities over the rest of the world, we are neutralising our tactical regional stance as valuations and macro-economic momentum may lead to a continuation of the dynamics at play since the beginning of the year. - Within rates, we adopt a more neutral stance on long-term government bonds, as potential downside risks to growth now balance the uncertainties around the inflation outlook. We continue to favour the 1-10 years segment in the fixed income allocation. - We keep our gold and hedge funds exposure for diversification purposes. Our stance on currency –overweight dollar against major pairs except Swiss franc— is unchanged.

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Looking ahead to Q4.

• Overall, the overall macro and liquidity conditions are rather positive for risk assets. Still, equity market valuations are rich, especially in developed markets and some risks are under-priced. Consequently, while we keep our preference for equities over bonds, we refrain to increase exposure at this stage. We keep our neutral stance on equities. • Our view on Eurozone equities is downgraded from neutral to negative, mainly due to weakening economic trend, while we upgrade our view on emerging markets from negative to neutral (China stimulus, improving earnings dynamic, room for easier monetary policy). • Within rates, we continue to favour the 1-10 years segment over long-dated bonds. • We keep our gold and hedge funds exposure for diversification purposes. Our stance on currency (neutral dollar against major pairs) is unchanged.

1. The long view by Adrien Pichoud,Chief Economist 2. European equities: reasons to be fearful, reasons to be cheerful by Gaël Combes,Head of Equities 3. Fixed income: OAT spreads on the rise while credit spreads remain well behaved by Gaël Fichan, Senior Portfolio Manager – Head of Fixed Income 4. Forex: Euro is (again) under pressure by Adrien Pichoud

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