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

Geopolitical Shock in the Middle East: Short-term Volatility, Fundamentals Still Prevail

- Markets are pricing in an energy risk premium: oil is approaching USD 100. - Geopolitical crises have historically had a limited impact on markets. - Higher oil prices act as a global tax on consumption.

March 17, 2026

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