Novacap Asset Management – Investment strategy – 10/11/2016

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With the high level of uncertainty of last months events, NOVACAP has progressively shifted the asset allocation of its clients to defensive strategies and reduced the beta exposure of most portfolios. Also in these difficult times politically driven, most long short have proven not to been able to generate alpha. All in all most portfolios […]

NHS Sicav – NOVACAP Global Strategy fund – Fact sheet – June 2016

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The macroeconomic environment in June was obviously dominated by the vote of Brexit on 23 June. Before the vote, it must be admitted that the statistics were pretty good overall. In Europe, GDP growth was positive and the PMI above 50. In the US, statistics were somewhat more mixed, particularly in terms of employment. Also, it seems […]

NHS Sicav – NOVACAP Global Strategy fund – Fact sheet – April 2016

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April was a neutral month for equities and positive for bonds. European equity markets have had a performance of + 0.8% in April. These have generally reacted to the new details of the asset purchase program proposed by the ECB and announced by its Chairman during the month. Although the ECB announced stronger than expected […]

Comité d’investissement extraordinaire – 11/03/2016.

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Présents : Thierry, Laurent, Jacques, Dennis, Bart, Hervé. Absent : M-C Vu la volatilité sur les marchés européens, le comité s’est réuni en réunion extraordinaire ce 11 mars. Jeudi 10 mars : la BCE annonce des taux encore plus bas (-0.4%) et encore plus d’achats d’obligations (60 > 80 mlds). Du coup, les ordinateurs-robots projettent le Stoxx50 […]

February report – Global Strategy Fund

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Please find attached our Global Strategy Fund – February report : From where will the growth come? The introduction of negative rates is a final act of desperation… It only compounds the risks of financial instability and sets the stage for the next crisis. Nowadays, markets are still completely de-correlated from fundamentals. That is unfortunately […]