Small caps are trading at a discount to large caps
We remain long equities and underweight fixed income, notably in the eurozone, but we trimmed our risk exposure
Emerging market debt has been the subject of much interest over the last few years, but recent volatility has created uncertainty about the asset class. We are convinced that besides offering an attractive return/risk ratio and the potential for high returns, current valuations constitute an attractive entry point.
Watch out for the effects of factors such as rising interest rates and the end of central bank asset purchases