Financial markets in the first quarter, as well as in the last few months of 2015, were characterized by uncertainty and high volatility. Expectations about the next interest rate decisions determined the uncertainty in the stock and bond markets while market participants seemed not to agree on the cause of the further decline in oil prices. Is it decreasing demand or a supply shock? In combination with financial markets that are more and more driven by models and technology, fast and extreme moves in both directions are the results. Continue reading →

The recovery rally from October continued in November, but with less steam. Stock markets on both sides of the Atlantic Ocean climbed but Europe outperformed significantly, while the US large caps just managed to stay in positive terrain. Once again, the continuous slide in oil prices also affected large energy companies. Continue reading →

A remarkable recovery of global stock markets delivered up to double digit returns, in October. Our strategies had been prepared and could therefore benefit – in some cases disproportionately – from the recovery. With the newest data and with statements from central bankers, a first rate hike in December is considered a safe bet. Continue reading →

After a miserable August for stocks and other asset classes, the downward trend continued in September. Overall, the third quarter will go down in history as one of the worst quarters for equity investors. In our monthly review, we take a closer look at Value stocks and their destiny, also in comparison to Growth stocks. Beside many other consequences, the absence of a widely expected FED rate hike in September also raises the question if and when Value can end its more than a decade long underperformance against Growth.
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In June, once again the Greek debt crisis made the headlines and influenced investor sentiment on both sides of the Atlantic. Over the first half of 2015, the divergence of equity market performance between the US and Europe was striking, although it decreased in the second quarter. In June, the volatility difference between the two regions stood out. We did a short study to see what influence the current volatility environment could have on equity markets. Continue reading →

After stock markets had taken a breather in April, they moved back into their trend lane in May. The US equity indices established new all-time highs. Especially the last month brought out the benefits of diversification in terms of strategies and geographies. A positive outlook prevails. Continue reading →