Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

▪ Markets continue their momentum, supported by the Fed’s first rate cut and a resilient US

economy.

▪ The frenzy around AI is fuelling tech stocks but rekindling fears of a speculative bubble.

▪ Gold hits a record high, reaffirming its role as a safe haven.

📌Download the full CIO Letter in PDF format here.

October 15, 2025

Publications

Affordability, America’s Achilles’ Heel

In an economy that remains wealthy yet increasingly fragmented, purchasing power has become Washington’s primary test.

February 13, 2026

Publications

Letter from the CIO - February 2026

Markets in Transition: Fewer Obvious Trades, Greater Balance

February 12, 2026

Publications

Outlook 2026 H1

The year 2025 confirmed a global soft-landing scenario, albeit at the cost of persistent imbalances across major economic regions.

January 15, 2026