May 4, 2023Bilboard
BILBoard May 2023 – Getting defensive
Lingering inflation is keeping major central banks in a tightening mode, even as macro headwinds gather. Expecting a choppy investment landscape in the coming quarters, we added a further layer of protection to our portfolios by implementing a bias towards defensive sectors. Macro View Looking...
April 11, 2023Bilboard
BILBoard April 2023: Following the fundamentals
Source: Bloomberg, BIL Recently, equity markets have had a spring in their step. The S&P 500 has eked out fresh multi-week highs, and is up 7.4% year-to-date. The Nasdaq is in a bull market having risen by over 20% in the first quarter. The EuroStoxx 600...
March 1, 2023Bilboard
BILBoard March 2023: Strong data and sticky inflation
While the economy is slowing, it is proving more resilient than initially expected. At the same time, inflation remains uncomfortably high, supporting the case for sustained central bank tightening. This has caused a risk-off mood in markets with some participants beginning to consider a stagflation...
January 31, 2023Bilboard
BILBoard February 2023: Looking East
PDF EN FR DE LU NL At our first Asset Allocation committee of the year, we maintained a conservative approach, emphasising high-quality corporate bonds and an underweight stance on risk assets while we await better visibility on the path of monetary...
BILBoard September 2022 – Higher for longer
French Version: BILBOARD_FR_SEPT_22 German Version: BILBOARD_DE_SEPT_22 Dutch Version BILBOARD_NL_SEPT_22 English PDF Version BILBOARD_EN_SEPT_22 Luxembourgish PDF Version BILBOARD_LU_SEPT_22 In our July BILBoard, we discussed two competing narratives responsible for driving market sentiment throughout the best part of 2022: one focused on durably...