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. 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. In China, Xi Jinping's speech to mark the 40th anniversary ceremony of China's Reform and Opening-up did not detail any new initiatives for reforms. In the meantime the Caixin Manufacturing index fall to 49. Lastly, oil prices kept on falling with a Brent plunging close to -10% to $53.8/Barrel, lowest level since September 2017 amid usual worries over global growth and doubts on OPEC to regulate the market. 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 the US, serial issuer the Medicines Company came back a new $150M CB offering 2024 to fund the development of Inclisiran (New Promising Agent in the Management of Hypercholesterolemia). 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 & 23 as restructuration implies transformation into guaranteed secured loans. In a context of “falling” steel price, we have decided to reduce the metal & mining sector with selling a bit of Outokumpu. We took advantages of recent correction to add Wright Medical Group and IAC in the US, Minebea in Japan and China Yangtze/CCB 2021 in the portfolio.