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Monthly Update: May 2017

12 June 2017
Dear Investors, Overall, markets continued in a calm fashion in May. There was palpable relief in mainstream Europe as Emmanuel Macron was elected President of France, and after statements that Paris and Berlin urgently want to improve ties. More faith in the EU automatically means more faith in the euro, and this led to the US Dollar and the British Pound both losing 3% against the euro in May. Several equity indexes reached all-time highs again in May, and volatility remai...

Monthly Update: April 2017

15 May 2017
Dear Investors, Stock markets remained steady in April, and eurozone equities have been scaling new peaks, driven by a market-friendly first round result in the French presidential elections. Now that the political risks in Europe seem to be somewhat subdued, the eurozone region may be due for a period of extended outperformance. Improving earnings and expectations, combined with overall signs of economic activity picking up, are confirming that the euro zone is in good shape.  Our global long...

Monthly Update: March 2017

17 April 2017
Dear Investors, The start of 2017 brought "more of the same" for global equity investors, as the stock market rally since Trump's victory continued. Investors are responding to evidence of a synchronized recovery in global economic activity, sending the MSCI World (in euro) 4.5% higher in the first quarter. Business- and consumer confidence is high (and rising) on both sides of the Atlantic and the recent European earnings season (Q1) has confirmed the optimistic outlook for European m...