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Since the market has incorporated the fact that there would be fewer rate cuts by the Federal Reserve and they would probably come later than expected at the end of 2023, core equity indices have continued to perform well in Northern America and Western Europe.
For 2024, we anticipate a buoyant environment for both ‘buckets’ of the Equity Market Neutral strategy, index rebalancing and relative value investments. As we march through the first quarter of 2024, the first major rebalancing of the year took place on Leap Day (the MSCI indices were rebalanced on 29 February), with the bulk of the year’s rebalancing activity to begin in March. Our decade-long core methodologies within both these ‘buckets’ will be maintained and reinforced as we strengthen our management team.
Fabrice Sauzeau, Inversiones alternativas, Renta fija, Deuda privada, Research Paper, Real Estate
¿Ha alcanzado el sector inmobiliario comercial su punto de inflexión? Con poca actividad de transacciones, los datos de precios e índices se generan con retraso.
Although the Federal Reserve slightly opened the door to rate cuts during the last quarter of 2023, the latest economic data points were solid, leading the Fed to indicate that rate cuts may come later rather than sooner.
Research Paper, Johann Mauchand, Inversiones alternativas, Asignación de activos
Like the Rolling Stones during a concert, the dovish stance from the Fed had the effect to “spread out the oil, the gasoline” on a market that was already anticipating a brighter future.
It is not unusual for the quiet summer season when investment professionals take a break from their screens to chime with nervous and volatile markets.
Las estrategias de futuros gestionados son reconocidas por los gestores de activos que buscan rendimientos no correlacionados y un desempeño resistente en tiempos de crisis. Sin embargo, ¿se mantienen estas cualidades en todo momento?
In a market animated by contradictory economic data points, NVIDIA’s excellent Q1 earnings were enough to light the fire under an already hot technology sector.
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.
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.
Si la sonrisa mide cómo reacciona el valor de la cartera a los cambios en los mercados subyacentes, tal vez deberíamos medir la sonrisa, y esto es lo que nuestro equipo de inversión ha estado haciendo.
September was another very challenging month for investors. The market is subject to considerable uncertainty, with no clear evidence of the next step.
After a two-month period of improving risk appetite, the market started to head downwards in mid-August, influenced by the outcome of the Jackson Hole meeting. Jerome Powell’s hawkish tone obviously had a strong impact on the markets, but it was not the only strong driver. The deterioration of energy supply in Europe as we are quickly approaching winter is a cause for concern for industrial output, but also consumers, who will be facing record energy bills.
As the investment community was slowly preparing for a well-deserved summer break, a higher-than-expected US CPI read revived fears that a recession might be around the corner. Uncontrolled inflation is pushing central bankers to continue raising the cost of capital, as the Fed did at its June meeting.