Alternative Investments

Global activity remained resilient in August, though regional divergences persisted.

June was marked by resilient but narrower global growth, still-elevated price pressures and a renewed focus on energy risk. Global PMIs remained consistent with expansion, but supply-chain tensions and geopolitical uncertainty persisted after the partial reopening of the Strait of Hormuz.

May was defined by resilient global activity but rising macro uncertainty.

April was dominated by the interaction between resilient global activity and a renewed energy shock linked to the Middle East conflict and impaired traffic through the Strait of Hormuz.

March was dominated by the Middle East shock, as the escalation of the US-Iran conflict and disruption around the Strait of Hormuz pushed energy prices sharply higher and reignited inflation concerns globally.

In einem von wechselnden Korrelationen, makroökonomischer Unsicherheit und episodischer Volatilität geprägten Umfeld sind traditionelle Portfoliokonstruktionen mit zunehmenden Einschränkungen konfrontiert. Die Diversifikationsvorteile von Aktien und Anleihen sind weniger zuverlässig geworden, was die Anleger dazu veranlasst, nach neuen Ertragsquellen zu suchen.

Global macro conditions remained broadly constructive in February, although the backdrop was increasingly shaped by policy uncertainty and a more uneven regional growth mix.

Global activity proved resilient into the new year as policy uncertainty around US trade eased from late-2025 peaks and the IMF nudged world growth forecasts modestly higher. Within the euro area, Q4 growth accelerated, but January PMIs were mixed – manufacturing stabilised while services softened, pointing to a slight loss of momentum at the start of 2026.

Growth and inflation indicators ended the year on a steadier footing.

Contrarian voices grew louder in October while Nvidia’s Jensen Huang warned that “China will win the AI race”. Nonetheless, October proved positive for hedge funds, despite brief market volatility tied to US-China trade developments.

September broke with its reputation for subdued volatility as global risk assets extended their summer rally.

Activity paused leading up to the Jackson Hole Economic Symposium, where a potential pivot in Federal Reserve policy was revealed by Chairman Jerome Powell, hinting at a possible easing cycle.

Merger Arbitrage ist eine ausgeklügelte Anlagestrategie, die bei Fusionen und Übernahmen die Preisdifferenz zwischen dem Aktienkurs eines Zielunternehmens auf dem Markt und dem Übernahmepreis ausnutzt.

As Lionel Richie put it in his 1980’s hit, “What is happening here? Something’s going on that’s not quite clear.”

Markets have benefited from the de-escalation of the tariffs narrative but uncertainty levels remain very high.

Wir haben die Allokation zwischen Aktien und Anleihen kürzlich analysiert und die Frage gestellt, 'Ist 40/30/30 das neue 60/40?' Nun, ja, wir denken schon. Unsere Analyse zeigt eine langfristige Korrelation zwischen Aktien und festverzinslichen Wertpapieren, die beängstigend nahe bei 1,0 liegt. Diese erhöhte Korrelation verändert die Wirksamkeit der traditionellen Portfoliokonstruktion grundlegend.

Liberation Day was a shock for investors, causing a tremendous impact on financial markets. Hard-data economic indicators continue to hold up but are pointing to a deceleration.

Markets remained volatile during the month of March. The primary concern isn’t the weakening economic fundamentals, but rather investors’ doubts about the credibility and stability of the U.S.

The global economy experienced a mild slowdown due to a lower contribution of services to the World PMI and lower consumer participation.

A relatively buoyant environment for Equity Market Neutral strategies.

Investors had a few months to get mentally prepared for the return of Donald Trump to the White House. While he has not disappointed and started his second term with a bang, the real surprise came from China with the introduction of DeepSeek to the world. The results announced by this technology company had the effect of a financial quake towards some of the star market performers over the last quarters.

En ce début d’année 2025, l’arrivée à la Maison Blanche du nouveau Président génère de nombreuses incertitudes. Les stratégies de merger arbitrage (arbitrage de fusions-acquisitions) n’échappent pas à la question : Quels impacts peut-on attendre du changement d’administration sur cette classe d’actifs ?

This year, the Christmas rally came a month earlier, and Santa Claus has moved from the North Pole to Florida. During December, some of the “Trump trade” winners gave back part of the previous month gains.

Although financial markets were already pricing a higher probability of a Donald Trump win coming into the US election, during November, asset prices were mainly driven by the election results.

During October, markets moved to price in a return of Donald Trump to the White House – and were ultimately proved right.