– Global equities ended July slightly up as the positive surprises from the quarterly earnings’ season were overshadowed by economic slowdown concerns, the rise of the delta variant and the Fed’s tapering talks. All funds on the range (ex EM) showed strong positive returns, +330 to +710 bps each for the month. 2021 may be on route to another record equity year.

 – With vaccination and sanitary passports on the rise, we are hoping to get back to face to face meetings and roadshows from september.