PLEION SA - Gestion De Fortune

Category: Monthly Investment Report

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 […]

Monthly investment review – June 2019

Strategy and Macro   Asset Allocation China, as the determining macro factor Come-back of (geo)politics Expect further hesitations ahead Certainly, US-China trade negotiations are crucial. Both countries need a truce – say a minimum agreement – to avoid significant negative side effects on the global economy. This has attracted the attention of the media. Nevertheless, […]

Investment review – May 2019

Strategy and Macro Asset allocation Disoriented investors barely participate in rising risky assets Rapid shift from recession to reflation mode Monetary loosening supports markets… but will not exert traction on economies   We continue to navigate the current global landscape with a full investment mode, though we pay attention to tail risks and remain focused […]

Investment Strategy – March 2019

Strategy and Macro Asset allocation We consider the global investment landscape as complex and potentially volatile. The ongoing change in liquidity regime is not over yet. Last year markets’ corrections proved valuable in a) addressing growing signs of speculation b) modifying investors’ complacent mood, namely retail ones. The central banks’ pause in its normalization process […]

Investment Strategy – February 2019

Strategy and Macro Asset allocation In 2018, lots of institutional investors have had an exaggerated reaction. Their herd mentality actually favored the continuation of carry trades during the 3 first quarters of 2018. But Q4 featured a hard landing as risk-off resurrected brutally, pushing nearly all asset classes into negative territory. Consequently, the consensus has […]

Investment Strategy – January 2019

Retrospective T4 2018 was marked by an equity market correction, particularly painful in December. The 2018 full year saw major part of asset classes delivering negative returns. Unlike other complicated years, the US Treasury Bonds and gold have played a limited role as a hedge or diversifier. Performances 2018 With the Sino-US trade war continuing, […]

Investment strategy – December 2018

Strategy and Macro US Elections In the US, this time, polls were good and reliable. We are due for cohabitation / gridlock over next two years. In principle it would spell low odds of significant changes in economic policy, which should remain supportive, but gradually less so. The good news is that overheating and a […]

Investment strategy – November 2018

STRATEGY AND MACRO Trigger, what trigger? Trump accused the Fed for having triggered Wall Street correction. This is destabilizing for professional investors. He did it a couple of times already, to preemptively appoint a culprit, ahead of an inevitable economic slowdown or of a possible market correction. This is just a new episode of his […]