PLEION SA - Gestion De Fortune

Category: Investment Report

Monthly investment review

Strategy and Macro Asset Allocation Financial repression continues With Fed shift from re-liquefaction to reflation (Too) Prudent institutions at odds with gambling retail investors U-shape economic recovery Pandemics not over, but no global lockdown Weak USD if favorable for financial markets Prefer credit and inflation linked bonds Economic fear remains dominant, considering the current deterioration […]

Quarterly investment review

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 […]

Monthly investment review

STRATEGY AND MACRO Asset Allocation Rosy scenario more likely than dark one 2020 recession will deeply impact economies Great Unknown for 2020-2021 Huge debt and deficits are not an issue yet Risky assets consider pandemic as temporary Liquidity driven Equities are ahead of fundamentals Sovereign bonds still in crisis mode Once again, the tidal wave […]

Monthly investment review

STRATEGY AND MACRO   Asset Allocation A global framework still very unstable… … where, worst case is avoided, for now But prepare for delicate U-shape pattern ahead Maintain an ¨off-road¨ vehicle investment approach Expect further volatility and rapid rotations   Macro perspectives Storm-riders The World’s perspectives are particularly opaque. The sanitary crisis remains a unique […]

Quarterly investment review

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 the […]

Monthly investment review

STRATEGY AND MACRO Asset Allocation A tidal wave of global liquidity A trade truce, finally End of deflation scare Low odds of a global recession in H1 2020 QE4 maybe. But not for sure… The world has become growingly complex in the past couple of years. Therefore, mega-trends deserve particular scrutiny. They will, one day, […]

Annual Investment Review – 2019

RETROSPECTIVE An exceptional year for the financial markets despite growing risks Stock markets rose on average by 27% in 2019, bond indices between 7% and 14% and gold by 15% despite a difficult environment: The rise of nationalism and protectionism. A multipolar world with brutal leaders, Donald Trump, Recep Erdogan, Vladimir Putin, Xi Jinping, Jair […]

Monthly investment review

Strategy and Macro Asset Allocation Embedded political chaos Macro fatigue A transitory of window low volatility Currency developments as a swing factor Bonds essentially expensive, but scarce Equities relatively attractive, but fragile   Fundamentals remain about adequate, not more. Liquidity provision and forward guidance by central banks remain the key supportive factor. The disconnect between […]

Quarterly Investment Review

Retrospective Resilient financial markets The global macroeconomic and political context deteriorated further over summer. Some of the downside risks have materialised, especially the decision by the Trump administration to intensify the trade war with China, after announcing its intention to hit the remaining USD 300 billion of imports from China with 10% tariffs. After this […]

Monthly investment review – August

Strategy and Macro Asset Allocation Unstable equilibrium for long-term interest rates Risky assets have become expensive Currency volatility may resume Impotent monetary policy Fiscal panic? Cautious stance Granted, the worst did not happen in Osaka and trade talks have not ended yet. Central banks have shifted for some accommodation. Currency volatility and global rates are […]