Summary as of 29/07/2022
– 12,75 %
Volatility (1 year)
We witnessed a strong rebound in the equity markets throughout July. The S&P500 recuperated all of its losses in June and the STOXX Europe 600 consistently reached new peaks, above the 2020 highs. The 2Q2022 earnings season has meanwhile steered investor’s attention away from macroeconomics and towards more reassuring corporate management commentary regarding results and guidance. US exporting companies have meanwhile suffered with the strong USD and the retail sector is facing strong inflationary headwinds.
The bond market has in parallel rallied as well. The German Bund yield nearly reached 0.80% (versus last month’s 2% level) and the French OAT closed the month of July at 1.37%, coming from above 2.4% in June. The Italian BTP underperformed the positive trend, following Mario Draghi’s resignation. The current volatility in the historic steady bond market poses questions.
On the currency front, after breaking through 103 in June, the USD index consistently gained 4.40% in a straight line throughout July before it headed into some profit taking. As far as commodities are concerned, WTI oil traded in a range of 19% over the month, blowing hot (Ukrainian crisis) and cold (recession). The gold price support level of $1,700 per ounce once again served as a low point for the precious metal.
The allocation presented above is a typical portfolio created by Colibri AM using the Bloomberg tool.
The information presented above does not constitute either a contractual element or an investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in the performance. Access to the products and services presented here may be subject to restrictions for certain persons or countries. Tax treatment depends on individual circumstances.
This allocation promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability reporting in the financial services sector (the so-called “SFDR Regulation”). It does not aim to be a sustainable investment. It may invest partially in assets with a sustainable objective, for example as defined by the EU classification.
This allocation is subject to sustainability risks as defined in Article 2(22) of the Regulation (EU) 2019/2088 on sustainability reporting in the financial services sector (the “SFDR Regulation”), by an environmental, social or governance event or condition which, if it occurs, could result in an actual or potential negative impact on the value of the investment.