London

TO THE manager of the Louvre museum's investment fund, the risks posed by France's presidential elections are just too great to be buying European stocks right now.

The 198 million euro (S$301 million) endowment fund, which helps pay for the upkeep of one of the world's oldest art collections, is keeping just 13 per cent of its money in the region's equities until Sunday's run-off vote. Afterwards, it will consider buying the asset class again, provided an "extreme" candidate does not win, manager Philippe Gaboriau said. "European equities are less expensive than US equities and haven't been loved by US investors despite an improvement in earnings growth" on the continent, Mr Gaboriau said. "Investors will return to European equities" which will go back to being "a safe zone", he said.