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CIO Flash Notes · Michel Schiffelholz
We are launching our Thematic Alpha
4 August 2026
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Article27 May 20241407 views
Post Nvidia’s results last week, the earnings season is now well behind us. We are now straddling two worlds, digesting the recent corporate news flow and focusing our minds on upcoming macro developments, with the expected rate cut from…
Article20 May 20241274 views
Calling turning points in macro data is always a tricky exercise. These points become apparent with a lag, which adds little value for the purpose of investing, as markets are constantly looking ahead, not backwards. But as the first data…
Article15 May 20241449 views
A factor-based strategy enables investors to identify future Amazon.coms and other Nvidias at their earliest signs of outperformance. The ambition of every investor seeking above-average gains is to develop tools to detect the next…
Article14 May 20241379 views
For over 40 years, Renalco has been providing customised wealth management solutions to its private clients both in Switzerland and internationally. We are pleased to announce that as part of our ongoing search for investment opportunities…
Article13 May 20241265 views
The European elections are approaching (6-9 June), and the campaign is heating up. President Macron kicked off the campaign with a two-hour speech at La Sorbonne. He delivered a pretty tough yet realistic assessment of the European…
Article6 May 20241337 views
Markets have been in search of a new equilibrium in recent weeks, weighing supportive data on growth and corporate earnings against lingering concerns about geopolitics, inflation, and rates. Most recent macro releases nonetheless suggest…
Article29 April 20241259 views
April is coming to an end and it has been a rough ride, especially in fixed income markets after the sharp repricing of inflation and rate expectations. In equity markets, substantial rotations have been taking place from momentum to…
Article24 April 20241376 views
Risk assets retreated in the past few weeks as the probability of a worst-case scenario increased. We have highlighted on several occasions that a key risk for 2024 is unstable geopolitics fuelling oil prices, and by extension inflation…
Article15 April 20241410 views
Although not a disastrous figure, there is little doubt that the US CPI for March was not what the Fed was looking for. The figure was important because it came after two poor releases, and economists had been hoping that March could…
Article3 April 20241629 views
Amid a relatively quiet macro newsflow, we dig into the upcoming European Parliament elections. This is probably not the most exciting market event of 2024, but the stakes are high, considering the geopolitical context and the generational…
Article25 March 20241674 views
After much speculation and hesitation, central banks eventually reached their much-awaited pivotal moment. In a critical week which saw monetary policy meetings from the Fed, the BoE, the BoJ, the SNB, and the RBA, central bankers…
Article18 March 20241906 views
The recent tussles over TikTok reflect the deep distrust between the US and China, exacerbated in an election year. Last week, the House of Representatives approved a bill that would force ByteDance to divest TikTok or be banned from US…
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