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Monthly Update: January 2019

14 February 2019
JANUARY HIGHLIGHTS Global equities regained almost all of their sharp December losses in January: up 7.9% in the case of the MSCI World, with all regions sharing in the spoils. After a very tough 2018 for many quantitative strategies, 2019 also started promisingly in this regard: our long/short equity market neutral fund was up +3.7% in January. Nevertheless: economic data continued to come in softer, confirming that markets anticipated correctly last year. We are not alone in being relieved t...

Monthly Update: December 2018

12 January 2019
DECEMBER HIGHLIGHTS   2018 ended on a low, with the MSCI World booking its worst monthly loss in almost 10 years: -8.9%. All regions suffered badly. A growing fear of a severe global economic slowdown in '19 didn't stop the Fed from continuing its series of interest rate rises, much to the chagrin of President Trump. But his irritation only added to the sense of worry... Our long-only equity fund shared in the pain, losing 8.6%: a small outperformance vs. the MSCI Wo...

Monthly Update: January 2018

14 February 2018
All three of our equity-strategy funds had strong starts to the year. Equities stayed well ahead of the MSCI World Index, with a gain for the month of +2.8%. vs. +1.8%. And it's a lead which we managed to hold onto in the market downturn that followed.   Balance gained 0.5% thanks to the outperformance of the underlying equity portfolio. The global equity exposure of Balance is now around 18%, meaning it's invested for 100% in the underlying equity portfolio (same one as "Equit...