NHS Sicav – NOVACAP Global Strategy fund – Fact sheet – October 2015

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Global financial markets rebounded during last month, taking the top on the negative performances of the third quarter. During the month of October, investors have been focusing on long-term economic perspectives and also on central banks’ announcements about possible intervention in terms of monetary policy. Despite the fact that they (Fed, ECB and BoJ) did not really announced new measures, their speech and the signals they sent generated hope among investors. While the Fed left its rates unchanged, announcing a more than probable limited rate hike in December this year, the SP500 had its best month of the year, supported also by encouraging results, with a performance of + 8.3% over the month. For its part, Europe has retained from the speech of Mario Draghi, the possibility of additional stimuli from the ECB. In addition to this, Europe has benefited from positive macroeconomic data, which strengthened the rally and brought the Eurostoxx600 to end the month at more than 8.0% also. Asia has enjoyed the month on a very favorable note with different rate cuts and a better than expected GDP growth in China. The asset allocation and the risk management have been challenging for the Global Strategy Fund during the month. The allocation was very little focused on equities when starting the month, which has generated a good relative performance in September. However due to this, the fund did not benefit from the early rebound. Please find attached the fact sheet :



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Laurent Van Den Eynde

Laurent Van Den Eynde

Co-Manager of Global Strategy fund

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