2015 started on a promising note: the global growth was supposed to keep improving, driven by the recovery of developed countries. After the last measures of the ECB, the central banks’ role should have decreased, benefiting both micro and macroeconomic data. There were no clouds in this scenario: things were supposed to gradually get back to normal. But they didn’t: several miscommunications from central banks, mixed with feared investors shook the performances of CPR Invest Defensive, Reactive and Dynamic. At this beginning of 2016, Cyrille Geneslay, Balanced fund Manager, gives us his outlooks.