With year's end approaching and the fall of liquidity that goes with it, Equity markets witnessed one of their worst month with MSCI world losing -8.56% at month end in a highly volatile context. If the month opened with hopes at the Argentina's G20 summit, Huawei CFO's arrest (implying negotiations between US/China are still far from over), general doubts over fundamentals (as macroeconomics publications continued to point towards deceleration globally, and especially in Europe) and questioning on current expected levels of earnings contributed to send markets lower (S&P down -9.81%, Nikkei -10.33%, Stoxx600 -5.85%). Political news in Europe brought little relief with Theresa May surviving the confidence vote and Italy leaning toward European requirements overs its 2019 budget (spread BTP/BUND is now back to 250 level after its peak mid-November) yet clouds remain with Brexit talks postponed to January and impacts of Yellow Vests Protests in France. Regarding some macro figures, December PMI continued to weaken, especially in France and Eurozone close to 50 threshold for the latest; German IFO is weakening (despite good order books). Looking at Central Banks, even if we had no surprises (FED proceeded to a new hike, ECB maintaining), both showed signs of worry regarding their forecasts for growth in 2019 (ECB trimmed from 1.7% to 1.5% for 2019). CB primary was quasi null with only USD 800milion worth of paper (4 papers in total, 2 in the US, 1 in Europe and 1 in Asia Ex). In Europe, Almirall (specialty pharmaceutical company with a focus on dermatology) issued €250 million, to repay the bridge loan for the acquisition of Allergan's Medical Dermatology (we participated in this primary issue). We close our positions in Steinhoff 22 as restructuration implies transformation into guaranteed secured loans (not allowed in the fund). With a housing market expected to be down 8% in volume, we decided to reduce our exposure to Nexity. In a context of “falling” metals price, we have decided to reduce the metal&mining sector with selling a bit of Glencore and Serverstal. We reduced our position in Rally/Casino and sold Nyrstar post announcement of financial support from Trafigura. Finally, given liquidity concerns and no visibility on credit improvement in the near future, we have sold our position in Pierre et Vacances.