Please find attached our first Newsletter of 2016 : Novacap 2016 consequent Investing
Global Strategy ENG Share class A Nov15 Global Strategy ENG Share class B Nov15 Global Strategy FR Share class A Nov15 Global Strategy FR Share class B Nov15
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 […]
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%.
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 […]
Following our weekly meeting, we therefore wait to strengthen our position in Europe. “Net equity exposure” of the Global Strategy fund is currently 26.50%.
We have decided to stay on convictions expressed in our last committee (October 2nd). We think the rally of recent days is due to hot money speculating on the intervention of central banks. The Fed is expected to keep its rates near zero and Mr Draghi should do “something”, but it is not clear what. […]
September saw a continuation of recent trends that have made the last few months a very turbulent period for investors. The adage “Sell in May and go away” was confirmed for this year 2015! The key element of September was the decision of Mrs. Yellen to postpone the interest rates hike because of the FED’s concerns about […]
August has proved being in line with previous months, especially starting from Q2, and was highly volatile on all financial markets, any region and any asset class. The beginning of the month started quite, in fact like a usual summer month, with low volumes and very little activity. Then, China dominated suddenly the news and was the […]