June 2012 - #49

Investment strategy #49 June 2012

June 2012, Investment strategy #49.

Following a strong Q1 performance, risky assets have been driven lower by fresh doubts concerning the international economic climate and fears of a Greek exit from the Eurozone. Accordingly, sovereign bond yields are at record lows. In this gloomy context, we are adopting a cautious stance to equities in view of the resurgence of volatility. Conversely, corporate debt spreads have widened to compelling entry levels.

Xavier Denis Chief Economist Societe Generale Private Banking

Kim March Economist & Strategist Societe Generale Private Banking

Important information

Please note that investments may be subject to market fluctuations and the price and value of investments and the income derived from them can go down as well as up. As such your capital may be at risk.

Societe Generale Private Banking (SGPB), the wealth management arm of Societe Generale, is operational in 18 countries across the globe. Societe Generale Private Banking Hambros, is part of the SGPB network based in the UK, Channel Islands and Gibraltar and offers wealth management solutions to high net worth individuals. Societe Generale Private Banking Hambros’ offering comprises international wealth planning and trust services, and global expertise in a wide range of investment solutions.

Societe Generale Private Banking Hambros is the brand name for SG Hambros Bank Limited (UK), SG Hambros Bank (Channel Islands) and SG Hambros Bank (Gibraltar) Limited.

June 2012 - #49

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Investment strategy #49 June 2012

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