HISTORIC class A FUND – Data as at close of business 31/03/2024. Source: Miraltabank.
From 23/12/2022: Change in Class A management fees (1.20%/9% success) and change in benchmark index to MSCI Europe.
From 02/11/2020: Class A data valid until 23/12/22 with management fee of 1.60%, and benchmark Stoxx600 TR.
Before 02/11/2020: Class A data valid until 02/11/20 with management fee of 1.10% and Stoxx600 TR benchmark”

As we mentioned a year ago, the Fed finds itself between a rock and a hard place. The dilemma it faces is that, given the pantagruelic levels of government debt and deficits, it cannot keep raising rates without triggering a destabilizing event. But neither can it lower them with these inflation readings, to help other economies as has been the case in the past. In the meantime, as time goes on and debts are refinanced at higher rates, and despite the gigantic fiscal boosts, it seems logical that the rest of the world will continue to suffer and drag the US down.

Meanwhile the major equity indices have been hit during the month by tensions in the middle east and inflation readings, with the S&P500 down -3.11% and the benchmark down -0.91% vs. the fund’s -2.95% in the A class. During the beginning of the month we have reduced the beta of the portfolio, taking partial profits in cryptos, banking and chips strategies while increasing the weight to real estate, utilities, energy and commodities. We have also unwound exposure to US small caps given the increase in volatility.