Investment Letter Q4 2022

“Change is the law of life. And those who look only to the past or present are certain to miss the future.” John F. Kennedy A glance at the returns of all major asset classes over the past 12 months would confirm that 2022 has been incredibly challenging...

Investment Letter Q3 2022

“We all need to get the balance right between action and reflection. With so many distractions, it is easy to forget to pause and take stock.” Queen Elizabeth II At the start of the summer, a traditionally quieter time for trading activity, investors around the world...

Investment Letter Q2 2022

“Inflation, like the genie in the lamp, is very difficult to control when it is released.” Iván Martín, Magallanes We are leaving behind the worst quarter for global equities and bonds in aggregate since 1990. With inflation remaining stubbornly high, central banks...

China – picking up the pieces

It has been a testing time for investors in China, which has experienced a series of shocks to the investment backdrop that have spilled over into all sectors of the equity market, both in Shanghai and in Hong Kong. In what follows, we will explain why, in the face of...