The market It is now obvious, following the easing of monetary policy during the summer, that the end of accommodative policies will not be straightforward. The equity markets seem to be satisfied with this situation which has somewhat alleviated the concerns of 2018. The end of year recovery is largely based on the hope of […]


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 […]


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 […]


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 […]