Year 2024 was both interesting and complex for our investment philosophy, with a slight lag for our various funds compared to indices.

American markets experienced varied performances, influenced by economic and political factors.

Monetary policies influenced European markets which had a mixed month, Euro Stoxx 50 up +1.91%, Stoxx down -0.52%, CAC 40 up +2.01%.

Despite the persisting geopolitical instability, the month of November once again confirmed our conclusions on the solidity of a bull market

With warning of potential barriers to import, European management of a portfolio of large-capitalisation markets had a mediocre month.

The American portfolio of large-capitalisation markets had a good month, with the S&P 500 up stocks based primarily in North America. +5.73%

Well, there we are, the last source of uncertainty for the year has been resolved. For the second time, a former president has been elected.

In a context of consolidation and anticipation before the presidential elections, U.S. markets had a stable, slightly negative month.

European markets had a difficult month with U.S. elections and mixed corporate results. Euro Stoxx 50 dropped -3.46%, Stoxx Europe 600 fell.

In September, most major central banks lowered their reference rates, in Europe both the ECB and the Swiss National Bank and US FED.

The American markets had a fairly good month, with the S&P 500 up +2.02%, the Nasdaq 100 up +2.48%, and the Dow Jones Industrials up +1.85%.

In a context of rate cuts announced by the ECB, European markets had a stable month, despite complicated global geopolitics.

The month of August started with a bang, with one of the biggest carry trades blowing up in a spectacular fashion.

On the equity front, July saw most of the Magnificent Seven report their earnings (except Nvidia, which reports in late August)

Markets remained good in Europe, despite the impressive fall, linked to the rate increase announced by the Central Bank of Japan.

US markets had a good month, linked to the explosion of one of the biggest carry trades of all time.

European markets had a weak month, with the Euro Stoxx 50 down -0.43%, the Stoxx Europe 600 up +1.32% and the CAC 40 up 0.70%.

Marked by a sector rotation, US markets had a strange month, with S&P 500 up +1.13%, Nasdaq 100 down -1.63% and the Dow Jones UP +4.41%.

In a summer context - low liquidity on markets, downward movements were dizzying, with poor US economic figures, and Japan Interest rate.

American markets had a good month, S&P 500 +3.47%, Nasdaq 100 +6.18% and Dow Jones +1.12%. Software Sector up +13.17%, Footwear down -18.90%