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Monthly Update: November 2016

13 December 2016
Dear Investors, November was a remarkable month for equity markets around the world, catalyzed by the US Presidential election and an overhang around Europe's path forward with the ongoing saga of European banks. In the aftermath of the US election, financial markets responded positively to expectations for policies like tax reform, reduced regulation, and increased fiscal spending, that could lead to more growth and higher inflation. Markets in the US posted new record highs, and the US Do...

Monthly Update: October 2016

17 November 2016
Dear Investors, After the surprising outcomes of the Brexit referendum and the US presidential election, it remains unclear what the effects on the economy and the markets will be. Investors did not seem to focus on a stream of mixed third quarter earnings reports, but are rather paying close attention to the uptick in inflationary signals, and the threat of potential trade barriers. The fear of a hard Brexit, exacerbated by a flash crash of the British pound, contributed to the risk-off sentim...

Monthly Update: September 2016

17 October 2016
Dear Investors, Global equity markets were flat in September, and the third quarter of 2016 turned out to be a solid but uneventful quarter. Uneventful, except for investors in European financial stocks, who were confronted with a tough month of September full of price swings. As concerns about Deutsche Bank's stability took centre stage, its shares plunged towards the lowest levels since the 1980s. The firm has long struggled to adapt to an era of tougher capital requirements and diminishe...