Quarterly Investment Review

Quarterly Investment Review – July 22
Quarterly Investment Review – July 22

  Retrospective Central banks are fighting inflation Central bankers tell us that failing to restore price stability is currently a bigger risk than generating recession. Following the surprising higher than expected inflation data in the US in June at 8.6%, the Fed has raised Fed Funds rates by 75bps, a rare move. More surprisingly, the […]

Quarterly Investment Review – April 22
Quarterly Investment Review – April 22

Retrospective The Russian invasion triggered a risky assets sell-off The pandemic is not even over as the latest lockdowns in China illustrate, and the war in Ukraine started. It is putting global supply chains through another test. Distortions in supply because of the destruction of war and disabled supply chains, sanctions, and voluntary self-sanctioning all […]

Quarterly investment review – 12 October 21
Quarterly investment review – 12 October 21

Risky assets’ quarter   Retrospective Risky assets have experienced varying degrees of success in Q3. The reopening of economies has been hampered and the economic recovery has stalled. After hitting records, the US stock market consolidated in the wake of the Chinese real estate developer Evergrande default.   Oil prices continued to hit new post-pandemic […]

Quarterly investment review – 08 July 21
Quarterly investment review – 08 July 21

  Retrospective Risky assets performed well over the quarter with the focus turning to the reopening of economies and rebound in growth in an environment where central banks liquidity remains a tailwind. Long-term US interest rates have declined, the USD has stabilized and the equity markets have reached new historical highs, driven by the United […]

Quarterly investment review – 08 April 21
Quarterly investment review – 08 April 21

Retrospective The financial markets have continued on their Q4 2020 momentum. Long-term interest rates have continued to rise, the equity markets have reached new multi-year highs, in the United States, but also in Europe and in Japan, and gold price has continued to decline. The most notable change is in the US dollar. After several […]

Quarterly investment review – 09 October 20
Quarterly investment review – 09 October 20

  ASSET ALLOCATION In Q2 and Q3 advanced economies managed to avoid disruptions of their capital / credit markets and to engineer a tentative recovery. The resiliency of the pandemic, as well as the growing cautiousness of consumers / firms necessitate further – decisive – actions. A more solidary and reinforced Europe siding with a […]

Quarterly investment review – 07 July 20
Quarterly investment review – 07 July 20

RETROSPECTIVE US equity markets finish best quarter in more than 2 decades US stocks wrapped up their best quarter in more than 20 years, a remarkable rally after the coronavirus pandemic brought business around the world to a virtual standstill. Just three months ago, investors were lamenting the end of the bull market—and the longest […]

Quarterly investment review – April 20
Quarterly investment review – April 20

  RETROSPECTIVE Economic data starting to indicate the gravity The coronavirus outbreak which began in China but has since spread to encompass over 140 countries worldwide continues to wreak havoc in the global economy, and looks set to continue to do so for some time to come. There remains a great deal of uncertainty regarding […]