The wall of worries

Arnaud Tourlet, CFA
Gérant actions
HSBC Private Wealth Managers

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After a recovery of more than 50% in the equity market in six months and the strong outperformance of cyclical stocks, the manager takes the view that the market currently offers the opportunity to invest in undervalued defensive stocks in sectors such as distribution, healthcare, telecoms, services and utilities.

Furthermore, being less cyclical than the average, such stocks often offer high yields, examples being France Télécom, Sanofi, GDF-Suez and Vivendi.

Other speakers

Economic and financial outlook changes
Selection of values and opportunism
An annoying value approach
Conclusion

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