Our financial analysis department has three tasks:

• To determine future global macroeconomic trends and define an investment policy to back our asset allocation process.
• To organise a sector by sector investment policy on the European stock markets and select a list of European companies which are likely to outperform their respective sectoral indexes.
  Equity research.
• Selection of traditional investment funds in areas where our own competence is not sufficiently developed and alternative funds which will enable the volatility of our portfolios to be reduced.
  Fund research

Our investment philosophy has a medium-term outlook (18 months) and takes a critical view of the market consensus. Our approach is of the fundamental, quantitative and qualitative type keeping a close watch on the markets. We believe that positions adopted through conviction which are not widely shared by the markets or by other investors, can generate substantial added value.