• 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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