The “net” equity exposure has been increased to 53%. The “net” exposure is calculated as follows : 100% long-only funds + 50% mixed funds + 50% long/short funds – 100% short positions. Today we have no short positions anymore and The USD exposure has been increased to 30%.
Central banks have been rather supportive recently. Shares across Asia, Europe and the Americas rallied strongly after the ECB last week raised the prospect of providing more monetary stimulus to the euro zone economy, possibly as soon as December, and China’s central bank surprised markets with a 25 bps interest rate cut and a 50 bps […]
As of today, our basic belief is similar to Carmignac’s view. We are close to a bubble territory and markets only go up because of (hope for) more QE, thus not for fundamental reasons. We just have to look at the effects post Draghi’s speach last week. However, we could not fight against the trend […]
Today the financial gurus talk about the “Halloween Indicator” being well oriented… It means that stock prices perform always best between November 1st and May 1st. It’s simply another name (seasonally adapted) for the “sell in May and go away” adagio. The sell in May worked particularly well this year. Let’s see if the Halloween […]
After a trio of nondescript sessions to start the week on Wall Street, investors were not about to try and make it four in a row, as the stock market left the starting gate quickly yesterday and save for several brief and rather inconsequential attempts to halt the advance, sped aggressively forward in the latest […]
As expected, the ECB left its monetary policy unchanged. However, at the following press conference, Draghi strongly hinted that more accommodation could be provided at the December meeting to respond to external downside risks.
Mr. Draghi did it again ! Amazing what influence this man can have. Even if he says nothing concrete, he moves the global markets. He barely finished his speech, and the stock markets are raised everywhere, in Europe with 2.50% (Stoxx 50) and the United States with 1.50% (S & P500). Everyone expected more QE, […]
Today, our major topic is that we have some short ETF’s in our portfolios. The aim of these positions is to stabilize the portfolios. But when the momentum becomes too strong we have to be careful. In these circumstances, indices often perform better than good stock picking funds, which means that short ETFs lose more […]
Stock markets have rallied a little bit over the last week and as of today it seems to slow down… It is true that we have seen such aggressive reversals in the past, and most of the time they are short-term. They are pure momentum plays made by some investors, most of the time technical […]
Please find attached my latest analysis of the global macroeconomic environment and investment conclusions supporting the allocation of MC Bolero Global Allocation Fund. Global Investment Strategy – 15.10.15