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Monthly Update: June 2017

11 July 2017
Dear Investors, Global markets had a lot to digest at the end of the second quarter. Investors received indications that global monetary conditions were on a tightening path. The ECB warned accomodation may be ending, and changed rhetoric on the outlook for ECB interest rates. In the US, the Fed raised interest rates for the third time in 6 months, by 0.25%. Optimism related to fiscal reform in the US has dissipated somewhat, while economic growth and sentiment in Europe have improved. The USD ...

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...