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Extract from letter to investors dated 8 May 2017 from Loïc Féry, CEO & Co-CIO and Fréderic Couderc, Co-CIO, Chenavari Investment Managers on the election of Emmanuel Macron as the new President of France.

As we expected, Emmanuel Macron was elected as the new President of France. Further to this important outcome, we wanted to share a few thoughts.

The En Marche leader won the election with over 66.1% of the votes, whilst the 2nd round of the election had a turnout of circa 75.1% (the lowest since 1969). Emmanuel Macron still gathered more than 20.7m votes, turning him into one of the better elected presidents of recent times; Hollande won with 18m voters in 2012, Sarkozy with 19m in 2007).

At 39, Emmanuel Macron will be the youngest of the G8 leaders. The former Rothschild investment banker and French Finance Minister will be sworn in later this week. While he held office in a Socialist government, he is in our opinion certainly not the “heir of Francois Hollande” and should be viewed as a reformist social democrat.

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