Investment Letter February 2017


During 2016 we had clearly opted for a defensive approach. The beginning of the year was marked by a significant drop in the markets in February (second column of the table below), and we had therefore considered that future risks (particularly political) were great and that it was necessary above all to protect capital.


Macroeconomic fundamentals generally improved since November 2016, and publications of economic statistics tended to surpass expectations.


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Investment Letter February 2017