PLEION Investment Adviser - Gestion De Fortune

Category: Investment Report

Annual Investment Review

RETROSPECTIVE An exceptional year for the financial markets despite growing risks Stock markets rose on average by 27% in 2019, bond indices between 7% and 14% and gold by 15% despite a difficult environment: The rise of nationalism and protectionism. A multipolar world with brutal leaders, Donald Trump, Recep Erdogan, Vladimir Putin, Xi Jinping, Jair […]

Monthly investment review

Strategy and Macro Asset Allocation Embedded political chaos Macro fatigue A transitory of window low volatility Currency developments as a swing factor Bonds essentially expensive, but scarce Equities relatively attractive, but fragile   Fundamentals remain about adequate, not more. Liquidity provision and forward guidance by central banks remain the key supportive factor. The disconnect between […]

Monthly Investment Review – August 2019

Strategy and Macro Asset Allocation Unstable equilibrium for long-term interest rates Risky assets have become expensive Currency volatility may resume Ineffective monetary policy Fiscal panic?   A cautious approach While the worst has been avoided in Osaka and trade negotiations are not being halted, the situation is not yet resolved. Central banks have opted for […]

Monthly investment review – June 2019

Strategy and Macro Asset Allocation China, as the determining macro factor Come-back of (geo)politics Expect further hesitations ahead Certainly, US-China trade negotiations are crucial. Both countries need a truce – say a minimum agreement – to avoid significant negative side effects on the global economy. This has attracted the attention of the media. Nevertheless, we […]

Investment review – May 2019

Strategy and Macro Asset allocation Disoriented investors barely participate in rising risky assets Rapid shift from recession to reflation mode Monetary loosening supports markets… but will not exert traction on economies   We continue to navigate the current global landscape with a full investment mode, though we pay attention to tail risks and remain focused […]

Strategical investment review

Retrospective The Fed adopts a cautious approach given the recession risks The Fed brutally changes its monetary policy stance, which goes from a restrictive mode – balance sheet shrinking, and 3 to 4 rates hikes expected in 2019 and 2020) – to a (very) dovish tone, including only one rate hike in 2020 and slowing […]

Investment Strategy – March 2019

Strategy and Macro Asset allocation We consider the global investment landscape as complex and potentially volatile. The ongoing change in liquidity regime is not over yet. Last year markets’ corrections proved valuable in a) addressing growing signs of speculation b) modifying investors’ complacent mood, namely retail ones. The central banks’ pause in its normalization process […]

Investment Strategy – February 2019

Strategy and Macro Asset allocation In 2018, lots of institutional investors have had an exaggerated reaction. Their herd mentality actually favored the continuation of carry trades during the 3 first quarters of 2018. But Q4 featured a hard landing as risk-off resurrected brutally, pushing nearly all asset classes into negative territory. Consequently, the consensus has […]

Investment Strategy – January 2019

Retrospective T4 2018 was marked by an equity market correction, particularly painful in December. The 2018 full year saw major part of asset classes delivering negative returns. Unlike other complicated years, the US Treasury Bonds and gold have played a limited role as a hedge or diversifier. Performances 2018 With the Sino-US trade war continuing, […]

Investment Strategy – December 2018

Strategy and Macro US Elections In the US, this time, polls were good and reliable. We are due for cohabitation / gridlock over next two years. In principle it would spell low odds of significant changes in economic policy, which should remain supportive, but gradually less so. The good news is that overheating and a […]