Aphilion sfeer video
14 juni 2019

Monthly Update: May 2019

  • May was the first negative month of 2019 for global equity, with all major regions shedding about 5% (in EUR).
  • An escalating trade war between the US and China was mostly to blame. After remaining mostly words for more than a year, real measures and sanctions are now in place, and efforts to find a compromise have so far failed. If international trade creates a win-win, then a trade war can have only losers...
  • Other economic news was not really bad, but certainly on the soft side, leaving little room for error: worsening animal spirits due to trade conflicts can easily tip the global economy into recession.

Once again a mixed month for our equity strategies, this time it's our long only fund underperforming while the market neutral SIF managed to book gains. The numbers aren't that big though: Aphilion Q² Equities underperformed by 0.8%, and Aphilion SIF was up 0.9%. Part of the explanation lies in the underperformance of European equities in general, which hurts Aphilion Q²'s relative performance because of its overweight position in Europe (37% vs 21% in the MSCI World). The SIF doesn't suffer from this, because all its long and short positions are in Europe, and these managed to deliver.

Best Regards,

Jan Holvoet, Nico Goethals, Xavier Boussemaere
Fund Managers,
Aphilion sprl

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