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 […]
Please find enclosed an update of the Investment Framework : Brexit, a nasty surprise Against our base case and the betting market odds, the British have voted to leave the European Union, ignoring Cameron’s appeals to stay in the EU by 52% to 48%.The negative initial response of currency and equity markets indicates that […]
Please find enclosed an update of the investment framework supporting the Asset Allocation of the MC Bolero Fund. -> There is a lot to digest and it’s not easy to make up one’s mind on the implications for global markets. -> We keep a Neutral stance on Global equities (at 50%), but maintain an Overweight in […]
After the first season of the results of the year, the month of May has again been dominated by the central bankers, by the foreign exchange markets and the volatility in global markets. Macroeconomic statistics for the month were mixed. In the US particularly with on one hand, the US growth outlook for Q2 that […]
Global equity markets posted mixed performance in May (MSCI AC World -0.19% in dollar terms). The American and European markets reacted positively to surprisingly hawkish FOMC minutes showing that most officials considered it appropriate to tighten policy in June if data continued to improve. The US economy appeared to have regained momentum early in Q2 […]
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 […]
The fund registered a small gain during the month (+0.16%) penalized by an Underweight in commodity stocks and in bonds, and a partial hedge of the Euro exposure against the dollar. Some individual stocks also underperformed during the month (Apple, Carnival, Nike, AB Inbev). In terms of activity, we cut Japan equities to zero as […]
Dear partners, investors and friends, I am pleased to announce that The European Magazine has granted me with the Award of Fund Manager of the Year – Luxembourg. I kindly invite you to read the online edition of the magazine with the link below, and more particularly pages 43-44 for The Global Business Awards and pages 52-53 for […]
Equities bounced higher in March (MSCI AC World +5.25% in dollar terms, +2.19 in euro terms), after “dovish” comments from US Fed chair Yellen prompted investors to scale back expectations over the pace and scale of future rate hikes. A further rally in oil prices together with improvement in US economic indicators and diminished fears […]