PLEION SA - Gestion De Fortune

Category: Investment Report

Monthly Investment Review – June

Global vision LT macro regime. Shorter and risker cycles than in past decades. Imbalances, debt, resurging inflation, and geopolitics result in more cyclicality and variations in economic cycles US and China financial conditions (FC) on their way to neutral. Deceleration of global liquidity from late 21 continues. Concomitant rise of USD, correction of risky assets […]

Monthly Investment Review -10 May

Global vision Long-term macro regime. Towards shorter and risker cycles than in past decades Imbalances, debt, sticky / resilient inflation, and geopolitics argue for more cyclicality and variations in economic cycles Financial conditions will continue tightening. After plateauing in T4 2021, global liquidity has started to contract in 2022. Higher oil prices and sanctions on […]

Quarterly Investment Review

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 […]

Monthly Investment Review -14 March

Global vision Long-term macro regime. Prepare for shorter and brisker cycles vs last decades Imbalances, debt, sticky / resilient inflation, and geopolitics argue for more cyclicality and variations in economic cycles Financial conditions will continue tightening. After plateauing T421, global liquidity has started to contract in 22 because of central banks, higher oil prices and […]

Monthly Investment Review -07 February 22

Global vision     Long-term macro regime. Growth below potential and more volatile inflation. Demographic and debt undermine potential growth. Coupled with digitalization, it fuels secular disinflationary pressures which collide with – cyclical – inflationary tensions LT macro regime. Inflation durable irritation deteriorates business cycle perspectives Higher and much more volatile inflation will challenge the […]

Annual Investment Review – 2022

The return of inflation Retrospective Inflation significantly higher than expected US inflation rose in November at an unprecedented rate in nearly 40 years. The price increase reached 6.8%. Many factors contributed to this surge, whether transitory or more structural. At the same time, inflation in the euro area hit a record high in November at […]

Monthly Investment Review – 06 December 21

Global vision LT macro regime. More variable business cycles ahead The long decline of potential growth is exacerbated by pandemic and rising debt. Secular disinflation is under attack. More volatile duration and amplitude of expansion phases. Lower liquidity profusion Production of excess liquidity is fading, with recovery and resurgence of cyclical inflation. This is triggering […]

Monthly Investment Review – November 21

Global vision Long-term macro regime – Growth below potential and more volatile inflation. Demographic and debt undermine potential growth. Coupled with digitalization, it fuels secular disinflationary pressures which collide with – cyclical – inflationary tensions. Ample but decelerating liquidity – Liquidity is ample, but its momentum is fading. Tapering will reinforce this trend. Global interest curve […]

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.   Back to the job market in the United […]

Monthly Investment Review – 07 September 21

Global vision LT macro regime. Below average potential growth and volatile dis-inflation. Demographic – ageing – and excess debt are undermining potential growth. Coupled with digitalization, it continues to fuel secular disinflationary pressures Beyond peak liquidity – The momentum of investable liquidity is declining. This will continue in H2 in the context of taper talks […]