DeepSeek has come out with a few good, efficient AI models at a fraction of the cost of the ones developed by their US competitors.

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

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%

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%

Simply put: stocks are going up because companies keep on churning out pretty good earnings.

European markets had a weak month, influenced by France elections. Euro Stoxx 50 down -1.80%, Stoxx Europe 600 dow-1.30%, CAC 40 down -6.42%

European markets had a good month. The Euro Stoxx 50 is up +1.27%, the Stoxx Europe 600 is up +2.63%, and the CAC 40 up +0.10%.

The S&P 500 up +4.80%, Nasdaq 100 is up +6.28%, and Dow Jones Industrials up +2.30%. Semiconductors up +18.24%, Healthcare down -5.89%.

April saw market corrections across the board, with the worst happening in the US. April saw market corrections across the board.

Over the month, the Euro Stoxx 50 was down -3.19%, the Stoxx Europe 600 was down -1.52% and the CAC 40 was down -2.69%.

US markets had a mediocre month, with the S&P 500 down -4.16%, the Nasdaq down -4.46% and the Dow Jones Industrials down -5.00%.

The market melt-up that started late last year took continued in March. Markets can correct through time, and this is what we expect forward

Factsheet: March 2024 Strategy The Fund's objective is to achieve optimal capital growth over the long term through the active management...

Market’s new darling, Nvidia, posted strong results helped propel the much-hyped Artificial Intelligence theme even more.

American markets experienced good progress in March, with S&P 500 up +3.10%, the Nasdaq 100 up +1.17%, and the Dow Jones up +2.08%.

2024 started just as 2023 ended, with markets mostly going up. Not everything and not everywhere, but still up they went.