Investment Report

Monthly investment review – 17 November 20
Monthly investment review – 17 November 20

  Strategy and Macro Asset Allocation Subpar growth, disinflation. Resumption of intense liquidity injections by the Fed Growth: temporary relapse. More uncertain U-shape pattern G-Zero world. Multilateralism and climate action in the waiting room More healthy capital flows Quality assets will remain scarce and expensive Normalization of risk appetite, lower speculation   Macro perspectives Covid-19 […]

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 […]

Monthly investment review – 29 June 20
Monthly investment review – 29 June 20

  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 […]

Monthly investment review – 05 May 20
Monthly investment review – 05 May 20

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 – 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 […]

Monthly investment review – February 2020
Monthly investment review – February 2020

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, […]

Investment strategy – March 2018
Investment strategy – March 2018

Hold on to your hat! Courtesy of central banks’ repression of volatility, greed gradually overcame fear, namely for yield hungry investors. ¨Cryptomaniacs¨ first took the tall, as policymakers (in Asia) and financial sector (in Anglo-Saxon countries) joined forces to strangle this ¨corrosive and dangerous¨ means of speculation. This was considered sort of adventures as being […]