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The market narrative remains very cautious and divided as to the path to follow over the next few quarters. While some investors prefer to look to the encouraging observable data points being published regarding earnings and inflation, many are hanging back, pointing to an inevitable deterioration of consumer spending and liquidity provided by banks to finance the economy.

March was a challenging and volatile month, with investment sentiment going through a whole variety of shades in a single month.

During February, economic and inflation data came in slightly above expectations, which helped cool the market down. Central banks reiterated the message that the market should expect monetary policy to maintain its course until we see significant signs that inflation is abating.

2023 started out on the right foot for holders of financial assets, as the overall performance of equities and bonds was positive. However, a significant part of the financial community is bedazzled by the vigour of the rebound.

2022 was a very challenging year for traditional asset allocations, with the active repricing of risk premiums taking centre stage.

In 2022, the markets repriced risk premiums in financial assets, quickly adjusting to the inflation risk and to the interest rate hikes implemented by central banks that followed.

Although the economy continues to decelerate, equities staged a strong rebound during the month of October.

Die Konvexität bzw. der „Smile“ von CTA-Fonds entwickelt sich im Laufe der Zeit. Einige Smiles sind jedoch breiter als andere.