Publications

Letter from the CIO - September 2025

Towards Global Reflation, but Under Certain Conditions

Towards Global Reflation, but Under Certain Conditions

A moderate recovery in global growth appears to be taking shape, driven by emerging markets and Europe.

Equities are advancing, supported by defensive stocks, while bonds are diverging; gold is rising, and oil is
retreating.
Political uncertainty persists, particularly in light of the risk of White House interference in the Fed.

📌Download the full CIO Letter in PDF format here.




September 17, 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