– In the first half of 2023, developed economies showed signs of resilience, driven by robust company results. However, emerging economies faced challenges such as rising inflation, capital outflows, and geopolitical risks. Central banks grappled with the delicate task of balancing economic growth and controlling inflation. Global stock markets experienced volatility, with intermittent gains and corrections amid concerns about inflation, interest rates, and monetary policies.

– On the funds side, 100% of the range recorded positive performances, led by equity long only funds with an average of +20% YTD across the range. On the bonds side, the 2 opportunistic global Ucits funds (Short Term and Long Term) are now registered as Article 8. The long term portfolio has a yield to maturity of +9.25% in EURO (+11.06% in USD) per year. The fund is now rated 5 stars by Morningstar over 3 year and 5 years.