PAR FRANCOIS SAVARY, CIO www.genvil.ch

With markets pausing, is this the right moment to take profits and adjust equity weightings ? Key questions to consider:

🔹 Rebalancing focus: US, Europe, or both? 🔹 Sector rotation: Is healthcare still a strong play? 🔹 Macro trends: Disappointing US CPI data pushes rate cut expectations further into late 2025 . 🔹 Currencies: USD/EUR down a few %—a new breakout ahead? 🔹 Japan surprise: Q4 GDP at 2.8% YoY , far above expectations—has Japan finally escaped deflation ? 🔹 Luxury resilience: Hermès results confirm ultra-luxury demand remains strong, unlike mid-tier brands struggling with weaker consumer appetite.

📊 Plenty of market shifts to watch—where do you see the biggest opportunities?

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