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Monthly Update: September 2017

10 October 2017
September was an exceptional month for our long-only global equity fund: an outperformance of +0.8% vs its benchmark MSCI World Index. This takes our outperformance for 2017 to +1.9%. The Balance fund aims to transform this outperformance into an absolute return and did so only partially, gaining +0.4% in September. The reason lies in the specifics of our equity market hedge. We hedge against the Eurostoxx 50 and the S&P 500, because the superior liquidity of these contracts far outweighs the i...

Monthly Update: August 2017

13 September 2017
Dear Investors, Geopolitical news dominated headlines in August, obscuring positive economic releases that reflect the continuing synchronized global expansion. According to a recent article in the Wall Street Journal, 45 countries tracked by the OECD are all expecting positive growth this year, with 33 economies poised to accelerate from a year ago. That's the most countries in acceleration mode since 2010 and how the central banks react to this acceleration will be one of t...

Monthly Update: July 2017

11 August 2017
Dear Investors, Global equity markets were mainly driven by earnings reports in July. The markets have persevered through the noise to continue to paint a picture of a recovering global economy. 73% of the companies in the S&P 500 that have reported earnings and sales numbers for the second quarter, have reported actual EPS above the mean EPS estimate. In aggregate, earnings have exceeded expectations by 6.1%. In the US, the earnings recovery continues to pick up steam despit...