I cite as well a Dupont Nemours and a BASF with 3

François Mouté (Neuflize Private Assets)

When one wants to buy assets, eventually seeking something that is a significant demand and limited supply, and this is called raw. There is a general demand in energy and raw materials. This can also be a good substitute for investment in emerging countries.

Moreover, the Western world is sinking into debt without limit. Gold may rise because of the maintenance of the short rate to zero and the devaluation of the currency. It is a priori a good investment.

Then came the industrial values. Expansion will occur instead outside the Western world, but multinational companies are in the coup. Browsed upon by local companies of the field, but beautiful large values were still a few years before they.

David Pastel (Pastel & partners)

We build our portfolio on three different axes:

-service companies (ex: cleaning of Workwear, temporary work and distribution of electronic components in small amounts). This last activity of distribution is also exposed to emerging areas. We think in particular of Premier Farnell in the UK and Randstad in Holland;

-building materials (plaster and carpets), including USG and Mohawk in the United States;

-the distribution of retail (including England and the United States). In the United States, much appreciate a company like Lowe's (number two in the US, DIY chain). In England, I will quote Plasmon (number one in the distribution of carpets).

Eric Le Coz

(Carmignac management)

This year is more favourable to international actions that can likely benefit from a trend of weakening of the euro. Thus, a number of European companies are part of the rise of consumption growth in emerging countries.

It must be consistent with the idea of confirmation of the recovery in the US, with industrial values (Ford, Delta Air Lines, MasterCard).

Then engines of economic growth in emerging economies may be the real estate development in China or the Brazil, and of course the consumption of raw materials, which is directly related to this nature domestic growth (copper, coal ore of iron and various metals). (This is true of energy, with an increased consumption of oil, etc.). It is the heart of the portfolio which leads to growth.

Twenty-five years ago, it invested all our domestic market and exotic way, would be to diversify in other markets. It is now more incidental investing beyond our borders. It is even more vital. It must turn to these large emerging economies that are shaping the economic growth of the world differently. Gold, finally, continues to be a good portfolio insurance.

Catherine Huguel

(Hugau management)

We are in a recovery scenario, essentially a cyclic scenario. Thus, where the levers are strong, this is where the capital intensity is high. When you look at the American results broken down by sectors in the fourth quarter of 2009, the sector increase more is Chemistry (72 over a year). I cite as well a Dupont Nemours and a BASF, with 3.7 of performance and one-third of the turnover on Asia. On German chemistry values, there are things to do.

I will then cite industrial gases. One of the strongest business segments in the current investment recovery is the technology. As soon as the semiconductor leave, there is need of gas too pure to turn these factories. The industrial gases sector is oligopolistic nature. Look at the return to optimism on the prospects, especially in Air Liquide, Linde or American Air Products.

On energy, also, there is to observe how Schlumberger is shopping to meet the demand on deep gas. In the US, when you see the prices that are on the table Exxon and even Total, you say that things are in this sector.