2019-H1

The market Markets bounced back from the end-2018 levels, certainly reassured by the support of the central bankers. However, the economic fears did not decrease over the semester. Our portfolio Our investments have underperformed the rise of the market, especially for some of our recent purchases. Our new investments are still restoring their profitability, particularly […]

2018-H2

The market Finally, the markets are discounting the various political risks. The softness of the economic indicators has certainly contributed to the regain of fears. Our portfolio Our investments have taken their toll in a bearish market, especially in small caps. We are taking advantage of this renewed volatility to accumulate five positions in puzzled […]

2018-H1

The market The market is trying to time the end of the monetary easing and to avoid to price in the rising political risks. Our portfolio Our investments acquired in the past years continue to appreciate. The excellent performance of our portfolio in the first half comes from our 2017 investment in a distributor on […]

2017-H2

The market Market have reached their all-time high due to favorable growth and inflation outlook. Our portfolio Our past acquisitions are meeting our wealth objective, despite this we are underperforming mainly due to our investment last year in a service company. Unfortunately, the company has not managed to achieve the announced restructuration. We have realized […]