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July felt like a breath of fresh air for financial investors, but the months ahead look tricky as ever. Earnings season is well underway and it is confirming our assessment that, in general, sales growth is keeping up with expectation, and even, at times, surprising on the upside.

Die USA kommen in der ersten Jahreshälfte nicht an einer technischen Rezession vorbei. Europa befindet sich ebenso auf dem Weg in die Rezession, da sich die im Juli veröffentlichten Vertrauensindikatoren verschlechtert haben.

From recent market moves it would seem that the market has downgraded inflation from Big Bad Wolf, to Little Red Riding Hood. It has been an amazing few days post the 75bps move by the Federal Reserve last week. One comment from Fed Chair Jerome Powell – and we will come onto that in a second – and financial conditions have eased, all markets have rallied in tandem and have begun to price in a slowdown in both growth and inflation followed by an interest rate cut in short order. In keeping with the fairy tale theme, this would be the Goldilocks scenario…We have the Fed pivot, I hear you cry!

An in-depth view of monthly fund performances across our traditional & alternative fund range.

Das Risiko einer Rezension hat in den USA und in Europa stark zugenommen. Die Inflation erreicht trotz dem Rückgang der Kerninflation aufgrund des Anstiegs der Energie- und Lebensmittelpreise neue Rekordhöhen.

London, 13 July 2022 – Mirabaud Asset Management has hired Elliot Fowles to join their UK Wholesale team, further strengthening their presence and commitment to the UK market.

The tectonic tussle for supremacy in investors’ psyche continues apace. It seems almost every week we race from the doom and gloom of recessionary fears, to the doom and gloom of inflation. Treasury bond volatility has increased as we race from one extreme to another.

Mirabaud Portfolio Manager – Swiss Equities, Thomas Jäger, discusses the current positioning of our Swiss small and mid-cap equity portfolios given this year’s sharp correction which has left valuations looking far more attractive particularly for growth companies. We will continue to provide regular views and insights from our portfolio managers over the coming weeks.

China’s economic growth in 2022 has been impacted by the global supply chain, impacts of the Russian invasion of Ukraine, as well as domestic COVID lockdowns, most notably in Shanghai. However, it continues to face far less inflationary pressure compared to the west and is the only major economy currently easing policy, both monetary and fiscal.

We are delighted to announce the sale of Intrepid to Ascential. Intrepid provides e-commerce operations optimisation, digital marketing and technology services to large enterprise customers, helping them improve their sales and marketing performance on South East Asian (SEA) e-commerce marketplaces.

Friday’s Consumer Price Index (CPI) number was unexpectedly strong and caused markets to fall dramatically as inflation (and stagflation) fears moved once again to the front of investors’ minds. In addition, the European Central Bank (ECB) has finally joined the hawkish club, which re-priced European bonds dramatically this week. Subsequent pronouncements of a 25bps hike in July seem to put the ECB behind the curve and Bunds have sold off in response.

As more digital services are developed and offered, and as the platform’s users become more tied in, this creates a virtuous circle, creating significant opportunities for platform companies to grow. They can transform entire industries and scale vertically and horizontally by improving existing services or entering new service areas. More crucially, in the last couple of years, platform companies have helped reshape the global economy and changed how we collectively work and live.

Die wirtschaftliche Abkühlung dauert im Fahrwasser der kombinierten Schocks wie Preissteigerungen für Rohstoffe, Lieferengpässe sowie die aktuellen geldpolitischen Verschärfungen in den meisten Ländern bis zum Jahresende an.

Paris May 2022 – Two of Mirabaud Asset Management’s private equity funds have taken a joint stake in Fusalp, a French skiwear brand.

London, 30. Mai 2022 – Mirabaud Asset Management ernennt Liisa Juntunen zum Head of Distribution für alle ihre Märkte und baut damit ihre Vertriebsstrategie weiter aus.

Time for my latest missive, and yes you guessed it, more debate around inflation, interest rates and recession. Treasuries have rallied, with risk selling off over the last week or so, but at least for Fixed Income, we seem to be stuck in a bit of a range as we wait for more data on growth and inflation. It looks like the ECB is now going to raise rates, and we are still expecting 2x50bps from the Federal Reserve over the next 2 meetings.

Traditionally, when there is a focus on increasing inflation and rising rates, these developments are often followed by more robust nominal economic growth. This has generally been supportive for small-cap companies. However, there are more fundamental reasons that make small and-mid cap equities an attractive asset class for investors seeking to maximise their risk and return profile from their European equity allocations.

The central concept of transformation in Global Emerging Markets is providing positive tailwinds for companies in a range of sectors. Our Global Emerging Markets Equities explores some of these transformational themes in more detail.

Der Inflationsschock wächst nun bereits seit zwei Jahren beständig. Die Null-Covid-Strategie in China setzt mit ihren Ausgangsbeschränkungen ein weiteres Mal das Wachstum und die globalen Lieferketten unter Druck.