We entered the month of February with a prudent attitude, after having increased cash level around 10%. European indices have, during last months, decoupled compared to other markets, filling part of the gap with US indices, even if they seem a little overbought. Macro data are quite supportive, but we’re entering again a « political » phase in markets, with scandals in Spain and elections at month end in Italy. The recent trend in voting intentions has significantly eroded the advantage of the center left over ex-PM Berlusconi’s centre-right and increased the tail-risk of a hung parliament. Hence, the possibility of a political impasse cannot be fully discounted. We will continue to invest in company in which we believe in, looking at results as they are released, without losing touch with all those external factors that can drive the market in the next months.

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