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CIO Flash Notes · Michel Schiffelholz
We are launching our Thematic Alpha
4 August 2026
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Article3 days ago40 views
Recent price action across asset classes shows that geopolitical uncertainty continues to cap investor sentiment despite robust earnings growth projected into 2027. While conflict de-escalation remains elusive, Brent crude prices hovering…
Article10 days ago94 views
In this report, we analyse the factors that drove bond yields sharply higher over the summer and assess which of these may reverse. This is the second instalment of our year-end outlook, focusing on rates. Last week, we outlined our…
Article18 days ago142 views
The summer was hot on multiple fronts. Renewed geopolitical tensions kept investors on edge, while their spillover effects on energy markets and inflation expectations pushed bond yields higher. Although uncertainty remains elevated and…
Article23 days ago153 views
The stabilization of the luxury market, driven by new growth engines and new consumption dynamics, is opening a healthier and more diversified cycle. This momentum places the major luxury players at the heart of a transformation that is…
Article25 days ago194 views
Renalco SA is pleased to unveil two additions to its website: a new Strategies section open to all visitors as well as a secured PRO area reserved for professional and institutional investors. Together they give a clearer insight into our…
Article23 July 2026418 views
As renewed geopolitical tensions fuel inflation concerns while the technology, infrastructure and defence supercycle sustains robust earnings growth, markets are approaching a critical inflection point. With the earnings season now…
Article9 July 2026490 views
We are relaunching our Key Calls series. This is a work in progress that will be updated and expanded. #1: Stay OW equities on robust earnings growth and the Tech, infrastructure, and defence supercycle. Global Tech delivered stellar…
Quarterly4 July 2026479 views
The second quarter of 2026 will be remembered as one of an energy shock that peaked before receding. The conflict in Iran and the blockade of the Strait of Hormuz, which had shattered the “year of the oil surplus” scenario in March, drove…
Article30 June 2026450 views
The most positive development in recent weeks has been the sharp decline in oil prices, with front-month Brent trading near $70/b as we go to press , a 40% drop over two months. This comes as a welcome boost for voters, with the US driving…
Article22 June 2026501 views
Despite a few skirmishes, the ceasefire between the United States and Iran is holding, with weekend talks in Switzerland reportedly yielding significant progress. Brent crude remains around or below $80/b and could ease towards $70/b over…
Article15 June 2026429 views
The U.S. and Iran have reportedly agreed to extend the ceasefire and reopen the Strait of Hormuz, another in a long series of “almost-there” deals (more than 38, according to CNN). As before, key issues appear to have been deferred. What…
Article8 June 2026472 views
The future is now. Space exploration has inspired generations, and Elon Musk embodies that enduring sense of childlike wonder. In this spirit, the title of our report draws on Kubrick’s visionary sci‑fi epic, which, as early as 1968,…
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