Investors spent a quiet summer, with little volatility in the markets. But things could be changing. With the political turbulence in the United States, North Korea's missile shootings and the strong Euro that could affect exporters companies, investors are facing risks that were not expected at the beginning of the year. Indeed, nobody would have bet on a Euro at 1.20 against dollar or on an open war within the Republican party that paralyzes the congress and all the economic reforms that were hoped for. With markets that have not seen a 5% correction since the Brexit in 2016, there is a certain nervousness that has taken hold of investors. Protecting the performance of the portfolios by taking profits or by hedging (shorting futures on indices) seems prudent until real opportunities arise. It would be a shame to lose much of the annual performance...

This is not a recommendation but just our opinion. Please consult with your financial advisor before investing!