Publications

Letter from the CIO for July - "Outrunning Delta"

Read July's Letter from the CIO titled "Outrunning Delta" here:

CIO_Letter_July_EN.pdf

(The next CIO letter will appear in September.)

July 19, 2021

Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

October 15, 2025

Publications

Letter from the CIO - September 2025

Towards Global Reflation, but Under Certain Conditions

September 17, 2025

Publications

2025 Outlook – Second Half

The first six months of 2025 have reshaped our view of global macroeconomic dynamics. A sequence of unexpected events has led us to reassessour convictions and adjust our positioning.

July 10, 2025