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12 December 2019

Monthly Update: November 2019

NOVEMBER HIGHLIGHTS

Another very strong month for global equities, which gained on average +3.4% in November. US stocks continue to outperform, gaining +4.7% in EUR, vs. +2.7% for European stocks.

 

The MSCI World in EUR (our long-only benchmark) is up +26% ytd, a rate we haven't seen in the current millennium... ! One mustn't over-interpret such calendar effects, but the number nevertheless is an indication of how historically strong equities are performing.

 

The global economy meanwhile, is still struggling, but equities had already anticipated this slowdown late last year, losing 12.4% in the final quarter of '18. Now that the slowdown seems to be on the mild side, expansionary monetary conditions can once again push stocks upward (and hopefully soon the real economy as well).

 

 

                                                                 Aphilion Q² - Equities
[long only global equity]
Our long only fund followed markets higher in November, gaining +2.7%, slightly below the MSCI World Index. The fund has gained +23% ytd and its long-term track record (and the cornerstone of our strategies) is also excellent: an average annual return of +7.5% vs. +3.3% for MSCI World.
 
 
Aphilion SIF  L/S
[long/short eqty mkt neutral]
Our long/short equity market neutral fund Aphilion SIF booked a slight loss in November: -0.3%. Ytd returns remain positive (+1.1%) and volatility continues to decline, despite often difficult trading conditions. The fund has booked average annualized returns of +7.0% net since its launch in 2008.
 
 
Aphilion Q² - Balance
[hedged global equity]
Balance is having a very tough year, with negative European rates being a continuous drag on performance. We don't see this environment changing anytime soon, so performance will have to come from the strength of the underlying equity portfolio: always an unpredictable factor in the short term, but in the long term we remain convinced of the strength of our strategies.
 
 

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