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

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.

November continued the improvement first seen in October, with the S&P 500 up +5.38% and the Nasdaq 100 up +5.48%.

European markets were up for the relevant period: +10.54% for the Euro Stoxx 50, +8.23% for the Stoxx Europe 600, and +8.17% for the CAC 40.

US markets were up in November. The S&P 500 rose by +6.51%, the Nasdaq 100 by +5.47%, and the Dow Jones Industrials by +8.64%.

European markets were up for the relevant period by +6% for the Euro Stoxx 50, +7.13% for the Stoxx Europe 600 and +9.99% for the CAC 40.

US markets were up for the period: +3% for the S&P 500, -0.77% for the Nasdaq 100 and +7.26% for the Dow Jones Industrials

European markets experienced downturn in Sep with persistent fears on inflation, Euro Stoxx 50 down -4.03%, the CAC 40 down -5.92%.

Persistent inflation and an ever-tougher rhetoric from the FED, led the American markets to experience a further decline in September.

European markets experienced downturn in August, while central bankers followed Jay Powell's message with pursued interest rate hikes.

US markets experienced another downturn in August, after Jay Powell's firm message on interest rate hikes, and renewed fears on inflation.