November 2018 || Newsletter

Investment Perspective

October lived up to its reputation of being a volatile month for equity markets reflected by the 7.9% drop of the MSCI World Index, in local currency terms. The rout was widespread as stock markets across the world were hit by fears over slowing growth, trade wars and higher interest rates. For once, American equities failed to offer any additional resistance than the other markets and a number of technology favourites, such as Amazon and Netflix, suffered from heavy selling. The fall of the equity market showed a lot of similarity to the one that took place in late January/early February; equities suddenly dived following a period of fast rising Treasury yields whereas safe haven assets did not benefit that much from the sell off; 10-year Treasury yields ended the month 8bps higher and the price of gold appreciated by less than 2%.

Newsletter summary

  • Investment Perspective
  • Investment Strategy
  • Portfolio Activity/News

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