It is likely we stand at the end of an era of monetary policy rule that began in 1998 with the rescue of LTCM. This transition has started to be discounted on the aftermath of the Trump election in the US. 2017 we expect to be the first year of transition to a less dependent on monetary policy world. The path of independence by central banks will not be smooth for markets and at some point the market’s expectations will be tested. In this context, starting from underweight positions we will enact a gradual and cautious increase in investment risk, as on the one hand, as a principle we embrace the need for such a structural shift in the global economy, but on the other hand we are still concerned about the process of adapting markets and the economy in the new era.