– November was one the strongest month on record for global equities following the US election and more importantly several announcements related to covid-19 vaccines. This strong rebound was led by cyclical and value sectors like Energy and Financials while defensive and growth sectors like Technology and Healthcare lagged behind. Despite the current exuberance towards value stocks, we remain convinced that quality growth funds (World, US, Europe, Thematics, Latin America) will keep their attractiveness since the economic conditions that prevailed before the pandemic, i.e. low growth, low inflation and strong support from monetary policies resulting in low interest rates, are likely to last for a prolonged period.

– We are about to launch a new innovative ESG Ucits fund in partnership with a large established manager. News to come on this early in the new year.