Europe near future

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The European growth will continue and  will encourage the European economy and challenge for the longer term. Despite the taxes are high and the public sector is very large, on the short term European growth, as in the US, will be improving nicely.  In the Eurozone the number of building permits is going up rapidly […]

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 – MC Bolero Global Allocation Fund– Fact sheet – October 2016

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Despite a relatively positive start of the earnings season, world equities traded lower in October (MSCI AC World –1.77% in dollar terms) as slightly better growth and inflation/data expectations together with less clarity from central banks pushed bond yields higher, which triggered a major sector rotation within equities. Financials, metals and mining reversed their post […]

US presidential elections – Are markets bracing for a major shock in November?

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Polls giving Trump slight lead A Donald Trump presidency is no longer as “unthinkable” as some had initially believed. The populism that appears to have underpinned the UK’s Brexit result is a global phenomenon and one that Donald Trump has successfully exploited, by presenting himself as the anti-politician. The disclosure by Director James Comey that […]

NHS Sicav – MC Bolero Global Allocation Fund– Fact sheet – August 2016

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 Markets were calmer this summer than June’s Brexit vote might have suggested (MSCI AC World +0.12% in dollar terms).. Volatility declined, trading volume fell and equity markets responded positively to a combination of improving outlook for global growth, better than expected corporate results and a favourable monetary backdrop. The Bank of England cut interest rates […]

NHS Sicav – MC Bolero Global Allocation Fund– Fact sheet – July 2016

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Equities extended their recovery from the prior month Brexit shock (MSCI AC World +4.2%), supported by strong US employment, better than expected corporate results while central banks globally signalled a willingness to remain accommodative in the wake of the UK vote. Equity market gains were broad based across regions, with sector gains led by Technology, […]

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 – MC Bolero Global Allocation Fund– Fact sheet – June 2016

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 June has been a challenging month with the Brexit referendum being the central focus. Defying many opinion polls and betting markets, the British have voted to leave the European Union by 52% to 48%. The initial sharp response of currency and equity markets suggested that the UK vote was a clear surprise for many observers […]