We integrate the ETF lyxor RUS (Russia) into our Active Euro portfolio, while the rise in commodities and the recent oil rebound is favorable to the Russian economy which is back to growth.

We exit the ETF BNK (Banks Europe) due to the relapse of interest rates that penalize the margins of banks, a trend which should continue for a while, as the ECB considers premature to normalize its monetary policy in the absence of inflation and in a context of appreciation of the Euro.

We integrate into our watchlist (on the downside) the ETF Lyxor BNK (European Bank index), whose fees are 0.3% and the AUM of approximately 775 M€. The ongoing correction in the banking sector is related to the relapse in interest rates, while the ECB seems less in rush to normalise monetary policy.

We include in our Watchlist the ETF Lyxor AUT (Automotive Index Europe) with a fee of 0.3% and an AUM of approximately € 36 million. AUT increased by only 3% since the beginning of the year (against 5.8% for the Stoxx600).

We integrate the Lyxor CC1 ETF (China) into our Megatrend portfolio, while Chinese growth is accelerating through consumption and the Chinese economy is showing signs of consolidation, which is visible through the rise in raw materials (Copper, Zinc, Nickel ..). We are taking out the Lyxib ETF (IBEX35 Spain) due to the lower interest rates that penalize the banking sector, which is 1/3 of the Spanish index.