May 2017 || Newsletter

Investment Perspective

The month of April got off to a difficult start for risk assets before ending on a very positive note. Following a strong first quarter for equities, investors turned more cautious in view of rising U.S. tensions with North Korea, Syria and Russia, and concerns about the French presidential elections. Gold, Treasuries, Bunds and the yen were well bid while volatility spiked as the VIX Index reached levels last observed after Trump’s election last November. However, these trends were quickly reversed and volatility collapsed to a ten-year low. Better-than expected first-quarter earnings reports and the first-round results of the French elections were the main drivers for strong equity gains during the last week of the month.

Newsletter summary

  • Investment Perspective
  • Investment Strategy
  • Portfolio Activity/News

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