– October saw equity markets’ recovery supported by some less hawkish Fed comments combined with a positive start to the earnings season. On the bonds side, the sell-off slowed with a slight rebound in the High Yield environment. Policymakers are trying to curb inflation by cooling down consumption at the cost of pushing the economies into a recession. Overall across the funds range, performances were positive for the month.

– Client facing activity and roadshows remain limited as investors are still puzzled on the outlook. Portfolio managers were in Monaco and Belgium for presentations and updates. We also hosted a popular K Women event in Paris last week. We are considering 2 new partnerships to join the funds range. More info in due course.

– Despite the latest hot inflation prints, deflationary forces are in motion and markets are showing some positive momentum recently. Is this sustainable and a turning point ? Such an environment requires an active approach, focused on discerning between low and high-quality names, and an adequate compensation for risk. The objective should remain the same: targeting sound countries and companies, keeping in mind that fundamentals, sooner or later, will be again the drivers of price action.