Monthly Fund Commentary

A record year in review

Eric Sturdza reflects on 2020 – a year full of records – and details how the Investment Team positioned the Fund in adapting to extreme market conditions.

Vaccine news revitalises market sentiment

Mitsuhiro Yuasa discusses the positive attitude of investors and the expectation of vaccinations reaching Japan in February 2021.

Bullish sentiment in Chinese markets

Lilian Co explores the positive market sentiment in December, despite the continued pressure from the US.

A record-breaking December… what’s to follow?

Yutaka Uda reviews the components that have contributed to the Nikkei reaching a 30-year high and Japan’s record-breaking budget for 2021.

Two major deals for Christmas

Eric Vanraes explores the driving factors influencing the bond market in December.

Great opportunities for European equities around the corner

Bertrand Faure expands on the advantages of active management, which have resulted in the Fund outperforming the benchmark by over 30% in 2020.

2020 in review: plenty of records, but where to from here?

Eric and Constantin Sturdza reflect on 2020, a year with plenty of records.

Maintaining a defensive strategy

Willem Vinke tilts the European portfolio towards more cyclical and value names given political developments, vaccines and further stimulus.

Three vaccines and a rally

Eric Vanraes reviews the vaccine developments and the US Presidential election result, noting the positive effect these have had on credit spreads and why hybrid debt was a clear winner for investors in a month of market rallies.

2020: Unprecedented polarisation and rotation

Bertrand Faure reflects on a year dominated by macro events and considers the factors leading to a favourable environment for active investors and fundamental stock pickers in 2021.

The power of vaccine

Eric Sturdza provides insight on how the financial markets have responded favourably to the development of multiple vaccines. 

Out with the new, in with the old

Lilian Co explains how macroeconomic factors have led to a shift towards ‘old economy’ stocks such as retail and property in the Chinese stock market.