Dear Followers&Copiers, Another Financial Year (FY) has passed, the reporting season is over and it’s time to update the equity portfolio of the Global Leaders Portfolio (GLP) in terms of the SIAScore system we use. Let’s quickly remind what SIAScore is and how the process : S1: growing sector 1pts/0pts, S2: incumbent or prospective global…
𝙏𝙝𝙚 𝙚𝙦𝙪𝙞𝙩𝙞𝙚𝙨 𝙘𝙖𝙢𝙚 𝙗𝙖𝙘𝙠 𝙧𝙤𝙖𝙧𝙞𝙣𝙜 𝙝𝙞𝙜𝙝𝙚𝙧 𝙡𝙖𝙨𝙩 𝙬𝙚𝙚𝙠, 𝙖𝙨 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙞𝙨 𝙣𝙤𝙬 𝙢𝙤𝙧𝙚 𝙞𝙜𝙣𝙤𝙧𝙖𝙣𝙩 𝙬𝙞𝙩𝙝 𝙝𝙞𝙜𝙝𝙚𝙧 𝙮𝙞𝙚𝙡𝙙𝙨 𝙖𝙣𝙙 𝙨𝙚𝙚𝙢𝙨 𝙩𝙤 𝙗𝙚 𝙩𝙖𝙠𝙞𝙣𝙜 𝙞𝙩 𝙖𝙨 𝙖 𝙣𝙚𝙬 𝙣𝙤𝙧𝙢𝙖𝙡 𝙙𝙪𝙚 𝙩𝙤 𝙝𝙞𝙜𝙝𝙚𝙧 𝙜𝙧𝙤𝙬𝙩𝙝 𝙥𝙧𝙤𝙨𝙥𝙚𝙘𝙩𝙨. 𝙃𝙞-𝙏𝙚𝙘𝙝 𝙨𝙩𝙤𝙘𝙠𝙨 𝙨𝙩𝙞𝙡𝙡 𝙪𝙣𝙙𝙚𝙧𝙥𝙚𝙧𝙛𝙤𝙧𝙢. The $SPX500 and the $DJ30 managed even to make new all-time highs with the latter beeing the absolute…
𝙏𝙝𝙚 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙, 𝙚𝙨𝙥𝙚𝙘𝙞𝙖𝙡𝙡𝙮 𝙞𝙣 𝙩𝙝𝙚 𝙝𝙞𝙜𝙝-𝙩𝙚𝙘𝙝 𝙨𝙩𝙤𝙘𝙠𝙨. 𝙏𝙝𝙚 𝙧𝙚𝙥𝙧𝙞𝙘𝙞𝙣𝙜 𝙤𝙛 𝙩𝙝𝙚 𝙘𝙤𝙨𝙩 𝙤𝙛 𝙚𝙦𝙪𝙞𝙩𝙮 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚𝙨. 𝙏𝙝𝙚 𝘿𝙤𝙡𝙡𝙖𝙧 𝙬𝙖𝙨 𝙩𝙝𝙚 𝙢𝙖𝙞𝙣 𝙨𝙩𝙖𝙧 𝙤𝙛 𝙩𝙝𝙚 𝙬𝙚𝙚𝙠. This week the $USDOLLAR index (DXY) rose as much as 1,2%. The US currency strengthened against all major currencies, as a consequence of the dynamic yield curve steepening. US…
𝙒𝙚 𝙟𝙪𝙨𝙩 𝙛𝙞𝙣𝙞𝙨𝙝𝙚𝙙 𝙖𝙣𝙤𝙩𝙝𝙚𝙧 𝙘𝙤𝙧𝙧𝙚𝙘𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙩𝙝𝙞𝙨 𝙩𝙞𝙢𝙚 𝙖𝙡𝙨𝙤 𝙢𝙤𝙧𝙚 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙚 𝙬𝙚𝙚𝙠. 𝙏𝙚𝙘𝙝 𝙨𝙩𝙤𝙘𝙠𝙨 𝙩𝙤𝙤𝙠 𝙩𝙝𝙚 𝙢𝙖𝙞𝙣 𝙝𝙞𝙩, 𝙖𝙨 𝙖𝙣 𝙚𝙛𝙛𝙚𝙘𝙩 𝙤𝙛 𝙧𝙞𝙨𝙞𝙣𝙜 𝙏𝙧𝙚𝙖𝙨𝙪𝙧𝙮 𝙮𝙞𝙚𝙡𝙙𝙨. 𝟭𝟬𝙔 𝙮𝙞𝙚𝙡𝙙 𝙞𝙨 𝙣𝙤𝙬 𝙖𝙩 𝙤𝙧 𝙖𝙗𝙤𝙫𝙚 𝙩𝙝𝙚 𝙙𝙞𝙫𝙞𝙙𝙚𝙣𝙙 𝙮𝙞𝙚𝙡𝙙 𝙤𝙣 $𝙎𝙋𝙓𝟱𝟬𝟬 . 𝘼𝙡𝙡 𝙢𝙖𝙞𝙣 𝙩𝙧𝙖𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙖𝙨𝙨𝙚𝙩 𝙘𝙡𝙖𝙨𝙨𝙚𝙨 𝙬𝙚𝙧𝙚 𝙙𝙤𝙬𝙣 𝙩𝙝𝙞𝙨 𝙬𝙚𝙚𝙠, 𝙬𝙝𝙞𝙘𝙝 𝙞𝙨 𝙥𝙧𝙚𝙩𝙩𝙮 𝙪𝙣𝙪𝙨𝙪𝙖𝙡. The repricing of cost…
𝗪𝗲 𝗵𝗮𝗱 𝗮 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝘃𝗲 𝘄𝗲𝗲𝗸. 𝗧𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝗱𝗿𝗮𝗴 𝗼𝗻 𝗲𝗾𝘂𝗶𝘁𝗶𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝗱 𝗿𝗶𝘀𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝘆𝗶𝗲𝗹𝗱𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮𝗹𝗹 𝗺𝗮𝗷𝗼𝗿 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗱 𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀. 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝘀𝗲𝗮𝘀𝗼𝗻 𝗮𝗹𝘀𝗼 𝘀𝗹𝗼𝘄𝗹𝘆 𝗺𝗼𝘃𝗲𝘀 𝘁𝗼𝘄𝗮𝗿𝗱𝘀 𝘁𝗵𝗲 𝗲𝗻𝗱. 𝗦𝘁𝗶𝗹𝗹 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝘀𝘁𝗮𝘆𝘀 𝗳𝘂𝗹𝗹𝘆 𝘂𝗻𝗱𝗲𝗿 𝗰𝗼𝗻𝘁𝗿𝗼𝗹. The US yield curve widened up to 134bps. Similar steepening of the curve happened in…
We’re almost 75% through the earnings season in US now. The positive surprise momentum from 3Q20 continues this quarter again as the numbers roll out. So far the avg. sales beat is 3,5% and earnings beat is a massive 19%. 👍👍🤗 𝙇𝙚𝙖𝙙𝙞𝙣𝙜 𝙨𝙪𝙧𝙥𝙧𝙞𝙨𝙚 𝙨𝙚𝙘𝙩𝙤𝙧𝙨: 📈 Consumer Services – the sector clearly benefits the revival trade…
In one of its latest reports $MS (Morgan Stanley) has published its projections as to the expected trajectory of the US economy post Covid-19. The GDP growth forecasts are as follows: 2021: +6,5% YoY 2022: +5% YoY. This is yet another bank that expects a relatively quick recovery ahead this time around. It is also…
𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗲𝗾𝘂𝗶𝘁𝗶𝗲𝘀 𝗴𝗲𝗻𝗲𝗿𝗮𝗹𝗹𝘆 𝗸𝗲𝗽𝘁 𝘁𝗵𝗲𝗶𝗿 𝘄𝗶𝗻𝗻𝗶𝗻𝗴 𝘀𝘁𝗿𝗲𝗮𝗸, 𝗮𝗹𝘁𝗵𝗼𝘂𝗴𝗵 𝘁𝗵𝗲 𝗴𝗮𝗶𝗻𝘀 𝘄𝗲𝗿𝗲 𝗻𝗼𝘁 𝗮𝘀 𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗮𝘀 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗯𝗲𝗳𝗼𝗿𝗲. 𝗬𝗶𝗲𝗹𝗱 𝗰𝘂𝗿𝘃𝗲 𝗶𝗻 𝗨𝗦 𝘄𝗶𝗱𝗲𝗻𝗲𝗱 𝗮𝗴𝗮𝗶𝗻 𝗮𝗻𝗱 𝗶 𝘁𝗵𝗶𝗻𝗸 𝗶𝘁 𝗻𝗲𝗲𝗱𝘀 𝘁𝗼 𝗯𝗲 𝗰𝗹𝗼𝘀𝗲𝗹𝘆 𝘄𝗮𝘁𝗰𝗵𝗲𝗱 𝗴𝗼𝗶𝗻𝗴 𝗳𝗼𝗿𝘄𝗮𝗿𝗱. 𝗡𝗶𝗸𝗸𝗲𝗶𝟮𝟮𝟱 𝗶𝗻𝗱𝗲𝘅 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝘄𝗶𝗻𝗻𝗲𝗿, 𝘄𝗵𝗶𝗹𝘀𝘁 𝗘𝗨 𝗮𝗻𝗱 𝗨𝗦 𝗲𝗾𝘂𝗶𝘁𝗶𝗲𝘀 𝘄𝗲𝗿𝗲 𝘂𝗽 𝟬-𝟭,𝟱%. What’s notable is the YTD…
𝘼 𝙘𝙤𝙧𝙧𝙚𝙘𝙩𝙞𝙫𝙚 𝙬𝙚𝙚𝙠 𝙤𝙣 𝙚𝙦𝙪𝙞𝙩𝙞𝙚𝙨 𝙗𝙚𝙝𝙞𝙣𝙙 𝙪𝙨. 𝙑𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝙨𝙤𝙢𝙚𝙬𝙝𝙖𝙩 (𝙑𝙄𝙓 𝙞𝙣𝙙𝙚𝙭 𝙞𝙣 𝙩𝙝𝙚 𝟯𝟬-𝙞𝙚𝙨 𝙛𝙧𝙤𝙢 𝟮𝟬-𝙞𝙚𝙨 𝙩𝙝𝙚 𝙬𝙚𝙚𝙠 𝙗𝙚𝙛𝙤𝙧𝙚). 𝙊𝙩𝙝𝙚𝙧 𝙖𝙨𝙨𝙚𝙩 𝙘𝙡𝙖𝙨𝙨𝙚𝙨 𝙬𝙚𝙧𝙚 𝙢𝙤𝙧𝙚 𝙨𝙩𝙖𝙗𝙡𝙚. 𝙍𝙚𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙨𝙚𝙖𝙨𝙤𝙣 𝙧𝙤𝙡𝙡𝙨 𝙤𝙪𝙩. Not much readacross seen yet from the equities sell-off onto safe havens. 10Y Treasury yields fell slightly, $GOLD was pretty much flat on week. Equity…
𝙇𝙖𝙨𝙩 𝙬𝙚𝙚𝙠 𝙬𝙚 𝙨𝙖𝙬 𝙂𝙧𝙤𝙬𝙩𝙝 𝙤𝙪𝙩𝙥𝙚𝙧𝙛𝙤𝙧𝙢 𝙑𝙖𝙡𝙪𝙚 𝙞𝙣 𝙜𝙚𝙣𝙚𝙧𝙖𝙡. 𝙏𝙚𝙘𝙝 𝙞𝙣𝙙𝙞𝙘𝙚𝙨 𝙚𝙖𝙧𝙣𝙚𝙙 𝙤𝙫𝙚𝙧 𝙙𝙤𝙪𝙗𝙡𝙚 𝙩𝙝𝙚 𝙬𝙞𝙙𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙬𝙚𝙚𝙠𝙡𝙮 𝙥𝙚𝙧𝙘𝙚𝙣𝙩 𝙘𝙝𝙖𝙣𝙜𝙚 𝙞𝙣 𝙐𝙎. 𝙏𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙨𝙚𝙖𝙨𝙤𝙣 𝙧𝙤𝙡𝙡𝙨 𝙤𝙪𝙩. 𝙐𝙎 𝙖𝙡𝙨𝙤 𝙝𝙖𝙨 𝙖 𝙣𝙚𝙬 𝙋𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙩 𝙨𝙬𝙤𝙧𝙣 𝙞𝙣. Commodities ($GOLD) and yields ($TLT) situation calmed down vs. the 2 weeks before. Still the 10Y Treasury Yield keeps staying…
