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Bonds | 66.1 % |
Money Market | 19.9 % |
Cash, Cash Equivalents and Derivatives Operations | 13.7 % |
Equities | 0.4 % |
Eliezer and myself are managing this strategy with the objective to offer investors a flexible and diversified investment solution investing across fixed income markets, while hedging the currency risk.
Market environment
-The main announcement of the month came from the German parliament, which adopted a reform of its debt brake policy in order to increase its military spending while approving the creation of a 500 billion euro infrastructure fund. -In the United States, the indicators have been mixed, with disappointment over the leading indicators, which reflect less dynamic growth prospects and more vigorous inflation.- On the other hand, US economic statistics remain robust, with strong household and business consumption ahead of the implementation of tariffs. -Core inflation fell slightly on both sides of the Atlantic at the end of February, now standing at +2.6% in the euro zone and +3.1% across the Atlantic. -The change in German fiscal policy doctrine resulted in a massive rate shock, as illustrated by the +33bp rise in the German 10-year rate, unlike its US counterpart, which remained stable in view of the uncertainties weighing on growth.