Makes changes to selection, adds LVMH, Axa, Allianz, Fresenius SE, removes Richemont, Safilo, SCOR, Swiss Re, Bureau Veritas, Sanofi (out Aug. 1), Actelion, Cap Gemini, Pennon, Holcim.
* Adopts more cautious stance on EMs FX exposure and greater exposure to Europe showing signs of stabilization: Accor, Altran, Fresenius SE, Saint Gobain, Veolia, Axa, Allianz
* Says Fed’s unconventional monetary policy becoming more uncertain and although Janet Yellen should preserve Fed’s dovish bias, current QE can’t be maintained forever; calendar everything but certain, another reason to hedge potential impacts with stocks based on self-helped investment cases: Accor, Altran, Fresenius SE, Qiagen, Saint Gobain, Veolia
* Says Growth segment also represented but only by stocks that deserve significant re-rating vs peers and/or that, for very specific reasons, should experience higher organic growth going forward: Adidas, SAP, Sodexo, Qiagen