PLEION SA - Gestion De Fortune

Category: Investment Report

Annual Investment Review

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

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

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

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

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 […]

Quarterly investment review

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 States, […]

Monthly Investment Review

Global vision Global liquidity is decelerating – Liquidity will remain ample, but its momentum declines. This will continue in H2 in the context of taper talks and of a strong recovery – draining investable liquidity. Good global, but very heterogenous growth – Good global and synchronized growth in advanced economies in H2. China decelerating back […]

Monthly Investment Review

Global vision Global liquidity has reached the peak of its cycle in Q1 2021 – Liquidity will remain ample, but its momentum will decline. China has started to contain its credit cycle (shadow banking). Stronger economic recovery from Q2 will further drain investable liquidity Good global, but very heterogenous – Cyclical growth. Strong US recovery […]

Quarterly investment review

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 […]

Monthly investment review

Global recovery from Q2 Favorable pandemic developments and intense reflation are converging. Expect reopening to occur from spring, favoring the acceleration of activity pace. Early signs of liquidity peak In G-4 countries, marginal production of investable liquidity decelerated recently. Global liquidity is also giving early signs of reaching a peak. G-Zero world. US less centric, […]