Publications

Letter from the CIO - November 2025

Financial Markets: Between Geopolitical Easing and Monetary Support

• Financial markets rebound: Geopolitical détente and monetary support boost risk assets, driven by rising equities.

• Monetary support: The Fed cuts its key rate by 25 basis points, confirming its accommodative policy.

• Resilient US economy: Controlled slowdown and contained inflation despite fiscal uncertainties.

📌Download the full CIO Letter in PDF format here.

November 13, 2025

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