The craft of investing

We have proceeded to review the investment thesis of each company in light of the new situation, in a process of reorganisation and optimisation, eliminating those that seem to be more adversely affected.

Year-on-year inflation is reaching new highs, but should ease throughout the year, the war in Ukraine permitting.  

Over the course of the year, we often wonder why the market or a specific share is up or down. And we have no response. Many times there is no fundamental answer; it is merely the result of flow movements—beyond our control.

The rapid spread of new COVID variants makes it difficult to formulate reliable economic growth forecasts.

In addition to our pledge to continue adding value and managing risk and uncertainty, our commitment to ESG investment is becoming increasingly important.

With in-depth knowledge and fundamental analysis of the assets, we are able to obtain excellent returns from our main funds.

Investing wisely involves the effective management of solvency risk through a selection of solid, quality companies, bought at suitable prices, and avoiding permanent capital losses.

Few sectors are as strategic and have undergone as many changes in recent years as energy.

While it has been a year of tremendous challenges for active management, it has also presented major investment opportunities.

Current uncertainties explain the high volatility of microeconomic forecasts, to which we must add widespread social and political tensions.  

The main stock markets closed October with material gains, reversing September’s losses.