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Monthly Update: February 2017

13 March 2017
Dear Investors, February gave us another month of rising equity prices, with all major markets in positive territory year to date. Growth-oriented sectors Technology and Health Care led the way, whilst Oil & Gas stocks weakened. Evidence that the economy is improving is gradually accumulating. The Eurozone Economic Sentiment Indicator is at its highest level since early 2011; the number of building permits in the Eurozone is climbing fast, and German exports hit a new record high ...

Monthly Update: January 2017

10 February 2017
Dear Investors, When Donald Trump won the presidential election, investors seemed positively giddy about his plans for the US economy. Believing his promises to reduce corporate taxes, curtail costly regulation and increase public infrastructure-spending would boost economic growth, investors drove stock indexes to new all-time highs. Most famously, the 120-year-old Dow Jones Index broke through the psychological 20,000 point milestone. But Trumps seemingly improvised presidency and m...

Monthly Update: December 2016

17 January 2017
Dear Investors, Our global equity fund Aphilion Q² - Equities recently marked its 15th anniversary. It was an interesting era to start: the fund was launched in the period after the dot-com bubble burst, and also just a few months after the 9/11 attacks. In those first years, the world economy was stimulated by solid growth in the emerging markets, until markets peaked in 2007 after the first signs of troubles in the US real estate market. It resulted in a heavy financial crisis, and only ...