Market Insights
February2024 Review

→ Few catalysts for very active positioning in the short term

Equity : 
– EU equities are cheaper on an historical basis
– US equities are more expensive but not at extremes either, when looking
at equally weighted indices
– Equities are rich versus High Yield, mainly due to the Tech sector

Fixed Income :
– Although yields have sold off since our last committee meeting, core
sovereigns may still correct upwards a little
– Tight spreads on the Credit and less attractive yields than a few months
ago BUT of interest in a context of rate cuts to come
– Favour Investment Grade over High Yield ; more neutral on Investment
Grade between US and EU
– Favour exposure on the belly of the curve
– Financials offer decent spreads versus Non Financials, even on the
senior bonds

Emerging Debt :
selective on EM countries and positive on Local currency Debt