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CIO Flash Notes · Michel Schiffelholz
Thematic Alpha AMC: A Dynamic and Resilient Strategy
15 June 2026
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Article8 hours ago19 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…
Quarterly5 days ago71 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…
Article9 days ago81 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…
Article17 days ago179 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…
Article24 days ago143 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 2026167 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,…
Article1 June 2026178 views
Crude oil prices have experienced a sharp correction in recent weeks. The nearly 20% decline in May occurred amid a rising probability of an extension to the US–Iran ceasefire, which could allow negotiations to continue on key issues,…
Article26 May 2026229 views
In recent weeks, markets have been driven by significant back-and-forth on the likelihood of a deal between the US and Iran. As we go to press, the probability of an agreement has increased, oil prices have eased, and this is supporting…
Article20 May 2026202 views
The Covid-19 pandemic exposed a vulnerability Europe had preferred to ignore: its structural dependence on external suppliers for essential medicines, medical equipment, and agricultural inputs. Since then, geopolitical tensions have only…
Article18 May 2026205 views
The robust earnings season shifted investors’ focus away from geopolitics and back toward corporate fundamentals. However, the situation in Hormuz remains unresolved, and investor patience is starting to wear thin. The US blockade was…
Article11 May 2026222 views
We have been travelling over recent days and apologise for the irregular publication schedule of this weekly report. That said, client discussions often provide valuable inspiration. This edition, therefore, focuses on one of the market’s…
Article5 May 2026243 views
The announcement of the German stimulus plan generated high expectations in European markets. Several months after its launch, this is a moment to assess its early impact. We believe that the German stimulus plan remains structurally…
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