“Global economic growth is decelerating, mainly due to the effects of high commodities prices. US outlook is a bit more predictable than in the previous months. Last macroeconomics numbers are rather positive except unemployment rate above 5 per cent. On the other hand, we feel less confident about Europe. We believe that a strong Euro could begin to impact negatively on Europeans companies. In such conditions, we continue to be cautious about equities and prefer to invest in low beta investments (eg hedge funds). In terms of geographic exposure, we favour US and Japanese stocks, and continue to underweight Europe.”