Macro & Politics: Do new times require new investment strategies? After a prolonged period of new highs and everlasting optimism the markets finally caught a sudden cold due to the Corona Virus. What people initially thought was just another seasonal virus has managed to spread globally and cancel world-known events such as the Geneva Motor show.Plenty of commercial fairs are postponed and major companies are enforcing travel bans during the course of the epidemy. The Corona outbreak comes at a…

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Monthly management comment The objective of the Company is to achieve for the Shareholders an optimum return by undertaking directly or indirectly investments while reducing investment risk through diversification.The Sub-Fund will predominantly invest in a diversified portfolio of equities, government and corporate bonds, commodities (through financial derivative instruments), currencies, structured products and alternative investment products.The sub-Fund will allocate a significant portion of its equity allocation into international stocks. Macro & Politics: liquidity is the cure The ever-cheerful mood from 2019…

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Monthly management comment Macro & Politics: Trade war reloaded President Trump managed once again to disturb a market seemingly heading towards a smooth 2019 ending. New US tariffs were announced on Latin American countries and France while China tariffs are still due on December 15th.The US president also stressed there was no deadline to the China deal. These announcements have shaken investors sentiment, a few will probably log in profits. Fundamentally, nothing much has changed but staying on the side…

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Monthly management comment Macro & Politics: Investors sentiment boosted by the Fed and corporate earnings As expected, central banks delivered the well needed monetary medicine. Despite a less dovish tone, the Fed cut rates once again and still seems to be behind the yield curve. We foresee further US cuts, perhaps even reaching 0 as now mundane in Japan and Europe. The rate differential between USD and EUR or JPY has decreased substantially, and a weakening currency is probably great…

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Monthly management comment Wobbling confidence and shaky markets. Global indicators are showing an economical slowdown but so far, no recession. If manufactural climate remains sluggish, consumption and services are still very resilient. Central banks are once again on easing path in order to maximise the current expansion and try to minimise markets corrections. The US Fed, as expected, dropped by 25 basis points the repo rate early in the month and called it a “mid cycle adjustment “, but we feel more…

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Tumbling interest rates and manufacturing recession Bond yields continued to drop into unexplored territory, many of them in negative territory (German 10-year Bund now at -0.7%). The US yield curve is also dropping fast with a risk of an inversed bias (2-year bond at 1.55 vs 1.59 for the 10 year), usually indicating a forthcom- ing recession. Bond markets are anticipating trouble and the debate continues: will central banks save investors once again and can they keep things under control?…

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Monthly management comment Strategy & Investment Policy: Asset allocation fund The objective of the Company is to achieve for the Shareholders an optimum return by undertaking directly or indirectly investments while reducing investment risk through diversification.The Sub-Fund will predominantly invest in a diversified portfolio of equities, government and corporate bonds, commodities (through financial derivative instruments), currencies, structured products and alternative investment products.The sub-Fund will allocate a significant portion of its equity allocation into international stocks. The usual suspects have once again…

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Monthly management comment The objective of the Company is to achieve for the Shareholders an optimum return by undertaking directly or indirectly investments while reducing investment risk through diversification.The Sub-Fund will predominantly invest in a diversified portfolio of equities, government and corporate bonds, commodities (through financial derivative instruments), currencies, structured products and alternative investment products.The sub-Fund will allocate a significant portion of its equity allocation into international stocks. Markets rebounded strongly in June after a sluggish May, some of them…

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Strategy & Investment Policy: Asset allocation fund The objective of the Company is to achieve for the Shareholders an optimum return by undertaking directly or indirectly investments while reducing investment risk through diversification. The Sub-Fund will predominantly invest in a diversified portfolio of equities, government and corporate bonds, commodities (through financial derivative instruments), currencies, structured products and alternative investment products.The sub-Fund will allocate a significant portion of its equity allocation into international stocks. Monthly management comment Recent PMI data strongly…

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Monthly management comment Macro & Politics: “A slow-down but not a slump ” Recent US figures such as GDP and employment show continued strength without inflation. Europe is not as bad as some feared although Italy has entered a recession and Germany is struggling to gain steam. The endless Brexit saga is far from over but recent GBP strength show that the market seems to exclude a hard Brexit. We feel that whatever the outcome of many worrying issues is…

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