According to our Technical Analysis, we see little risk on the downside. The timing to buy is right. We are eying at 4100, that is breaking above the January 2010 high. We do not expect any meaningful consolidation there, but rather a strong advance that will lift the CAC40 up to 4400 and beyond until 2012Q1.

Our French equities portfolio would include by order of preference:

1. ZODIAC AEROSPACE
2. SAFRAN
3. LVMH
4. SEB
5. PPR
6. PUBLICIS GROUPE
7. DASSAULT SYST.
8. BIC

The very fact that BIC belongs to our portfolio adds to our confidence in the strenghth of this upcoming rally

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