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CIO Flash Notes · Michel Schiffelholz
We are launching our Thematic Alpha
4 August 2026
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Article15 July 20241217 views
A new beginning. With political risks increasingly in check in France and US inflation surprising on the downside, there is room for a reversal in recent trends, which saw US big-tech equities driving global markets to an extraordinary…
Article8 July 20241299 views
Macron has managed to contain Marine Le Pen’s far-right party from taking the helm of France. While after the first round a week ago, it seemed this scenario was inevitable, the republican front formed by the centrists and left bloc has…
Article1 July 20241335 views
What is going on in French politics? After heated political debates on this side of the Atlantic as well, the first round of the French legislative election confirmed the rise of the far-right (33.1%) in a context of high turn-out (67.5%).…
Article24 June 20241342 views
At this point in time, you are probably fed up with French elections and the associated market uncertainty. Yet, we cannot elude the topic one week ahead of the historical election that is likely to put the far-right in the driving seat.…
Article17 June 20241470 views
On top of geopolitics and inflation concerns, now investors have to deal with another layer of complexity: renewed concerns about fragmentation risk in the euro area. Basically, it comes down to the idea that a security issued in euros in…
Article14 June 20241765 views
Buy now, pay later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them later, often interest-free. On Monday, we learned that iPhones and iPads will soon be integrated into Affirm's "buy now,…
Article11 June 20241245 views
The outcome of the EU elections has triggered a rise in risk aversion in Europe in equity, bond, and also FX markets, with President Macron calling snap parliamentary elections for early July. The markets are basically pricing in the…
Article3 June 20241343 views
Many aspects of the market and economy bring to mind the principles of yin and yang: the West versus the East; some economic activities flourishing while others in recession; rich consumers versus poor; and deflation in some areas and…
Article27 May 20241483 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 20241347 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 20241538 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 20241460 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…
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