The fund took advantage of the correction on the stock markets to slightly increase its net equity allocation, which, at 19 February, was 34%, up from 30% in mid-January.

At the risk of sounding repetitive, there seems to be very limited upside potential for the stock markets of the industrialised countries over a three to five years time horizon from end-2009 levels. This may seem surprising after a decade of stagnation on the markets: however, it is the result of the extreme overvaluation of equities at the end of the 1990s.