More tactical manner it reinforces its position on LVMH

"Fears about inflation are surfaites! At least the opinion of Guy Lerminiaux, Director of the management shares of Petercam Asset Management, a Belgian Corporation whose fame continued to grow since that has been implemented in France in 2002. "For the moment, the signs of slowdown in the US economy are contre-balancés by the growth in Asia and Eastern Europe, but also in Western Europe where activity restarts." If the United States fell into recession, we strongly change the orientation of the portfolios. But in the immediate future, our scenario argues rather in the sense of a transient consolidation. "Investor in the long term, Guy Lerminiaux took the party to"do the round back"by changing only marginally the broad guidelines for its management.

In its funds, which combine a "top down" approach (based on the macroeconomic analysis) and "bottom up" (based on the selection of values), Guy Lerminiaux devotes so still a large part in the energy sector. "Our beliefs have not changed despite strong corrections on the price of a barrel." Longer term, the application will remain supported while supply continues to decrease. The oil majors are therefore not another outcome to increase their expenditures. "This is why we prefer always the sector by focusing on the values that will take advantage of these budgets to investment in the image of Saipem", argumentet - it.

The Manager nor the topic of mergers and acquisitions, restructuring and the "private equity" that animated the markets until may deviate. "We consider that the market through a consolidation phase that does not fundamentally questioned the broad guidelines of the market, justifies." We therefore continue to search and medium capitalization likely to fall into the larger groups anyway, such as Schwarz Pharma, a German laboratory little exposed to the threat of generics. Pending a possible capital outcome, its drug portfolio provides strong growth which is sufficient in itself to generate a good return on investment.

In its funding Guy Lerminiaux also maintained its positions on choice as AGF targets, including the repurchase by Allianz seems inevitable term, Arcelor, will continue to stir the covetous regardless of the outcome with Mittal Steel, Altadis, which is regularly the subject of rumours. "In these three cases, companies have cash surpluses, there again, allow to await the outcome of the operations, he added.". If Arcelor distribution policy was so far relatively generous because the cyclical nature of its activity, the OPA will probably get him to pay more minority shareholders.

Because one of its major themes of investment, Guy Lerminiaux highlights also the generation of cash surpluses. The Manager takes for example the airline Ryanair low-priced. "While I have never invested in air transport, I am ready to make an exception for this company which, through a relevant economic model, preserves its profitability despite the increase in the price of fuel." It produces a surplus of cash much higher than its competitors. "But it is not impossible that it reverse a portion to shareholders", it anticipates.

In this thematic management, the Manager of Petercam is also interested in the pockets of growth in Europe, via values such as Anglo Irish Bank which is worn by the dynamism of the Irish economy, or Cosmote, the mobile operator Greek found in Romania and Bulgaria growth relays. He extends his approach to countries with soft growth through companies which have managed to capture the growth in certain market segments. He thinks in Hochtief, the German construction group, which has managed to straighten its activity despite the gloom of the construction market domestic, including redeploying on the Australia and the Pacific region.

However, Guy Lerminiaux does not hesitate to escape these themes of investment to adapt its portfolio to the configuration of the markets. More tactical manner, it reinforces its position on LVMH. "This choice is obviously not in contradiction with the spirit of our management since the Group was able to capture the growth in emerging countries and produces a significant surplus of cash, he says." But in this context of escalating rates, we especially wanted to give a more offensive bias to our funds, selling companies of collective services and by increasing the share of the values of growth, as the large luxury houses. The timing is certainly not ideal to strengthen this title because the summer sales are always more difficult to predict. However, the title is deals more attractive levels after strong corrections from May. Without being annoying, we will look for entry points to expand our line.