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

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

Publications

The Myth of Perfect Timing in Investing

Every investor has fantasized about making the perfect trade—buying low and selling high within a very short time frame.

July 01, 2025

Publications

Letter from the CIO - June 2025

Market rebound: Trade détente eases uncertainty, but risks remain

June 12, 2025