June 2018 || Newsletter

Investment Perspective

May was eventful as an early-month rally of equity markets was derailed by a flare-up of political and geopolitical risks, with Italy being in the eye of the storm. Safe haven assets, including U.S. Treasuries, Bunds, the Swiss franc and the yen, rallied whereas the ongoing appreciation of the dollar accelerated. Emerging markets’ assets remained under pressure due to a mix of rising Treasury yields, a stronger dollar as well as idiosyncratic issues in countries such as Turkey and Argentina. Global financial markets were also impacted by geopolitical headlines related to the tensions over trade between the United States and China, the U.S. pull-out from the Iran nuclear deal and the holding or not of the U.S./North Korea summit.

Newsletter summary

  • Investment Perspective
  • Investment Strategy
  • Portfolio Activity/News

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