Feb. 2017 || Newsletter
Markets are having a bit of a rest after quite a steep climb at the end of 2016.
However, many trends observed since the beginning of the year have been in contrast with consensus expectations; emerging market equities have distinctly outperformed, the dollar has lost ground and gold has had a solid month on the back of a weaker dollar and stable US bond yields.
The most significant of all the market moves that took place during the past month was the rise of yields on euro-region bonds.
2017 has started on a positive note for our portfolios, thanks not only to the contributions from equities but also from our fixed-income allocation, which has been largely immune from the rising yields observed in Europe.
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