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CIO Flash Notes · Michel Schiffelholz
Thematic Alpha AMC: A Dynamic and Resilient Strategy
15 June 2026
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Article6 May 20241237 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 20241172 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 20241284 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 20241313 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 20241528 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 20241550 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 20241774 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…
Article11 March 20241592 views
The first milestone from the March central bank meetings gave satisfaction to markets. The ECB pre-announced, with some conditions, that the first rate cut will take place with the June meeting, as it projects that inflation will revert to…
Article5 March 20241696 views
We were on the road marketing last week, and the following editorial summarises some discussions with investors. Beyond the themes discussed in our editorial, our report discusses three issues: The Automotive sector: We revisit our stance…
Article26 February 20241712 views
The earnings season will soon come to an end in the US, with 90% of companies having reported earnings. It was another robust earnings season, with strong surprises versus earnings and margins expectations. Yet, the investment landscape is…
Quarterly16 February 20241983 views
The very first Renalco quarterly review, in cooperation with Kepler Cheuvreux Solutions, is now available. We are delighted to share our first quarterly review with a look back at the highlights of 2023, our outlook for 2024, as well as…
Article12 February 20242080 views
The US guitarist John Mayer has a great song called “Stop this train” singing “I can’t take the speed it’s moving in”. That must sound familiar! In today’s weekly, we thus ask ourselves what can stop this (US) long train running, led by…
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