Our latest articles, market insights and CIO Flash Notes — all in one place.
CIO Flash Notes · Michel Schiffelholz
We are launching our Thematic Alpha
4 August 2026
Live market data is provided by TradingView. Enabling it connects to TradingView, which receives your IP address.
Article26 May 2026388 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 2026791 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 2026365 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 2026366 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 2026799 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…
Article30 April 2026385 views
While the spectacular rebound in US equities has been the main focus of attention since the start of April (S&P 500: +12.4%), the rally has not been confined to the United States. Taken as a whole, emerging markets have also shifted back…
Article22 April 2026381 views
Dear reader, we will take a short break. Your weekly report will return in early May with fresh ideas to help position portfolios, hopefully in calmer waters. Geopolitics keeps markets in check. Crude oil has remained volatile in recent…
Article21 April 2026855 views
Two conflicts, one lesson. Tensions around the Strait of Hormuz, through which a considerable share of the world's oil flows, serve as a reminder that global energy routes are fragile, and that a single point of friction is enough to…
Article15 April 2026357 views
Albeit with some initial hiccups, the ceasefire in the Middle East is holding, and peace negotiations are ongoing. This has been reassuring for markets: both equities and bonds have rebounded in recent days, reinforcing our Overweight…
Article9 April 2026431 views
A relief rally. Following the ceasefire agreed by Iran, Israel and the US on 7 April, markets have staged a sharp rebound across equities, bonds, gold and, more broadly, all assets that had been heavily sold in recent weeks. While this…
Article8 April 20261010 views
In an environment marked by rising geopolitical tensions and volatility across European markets, our “Thematic Alpha” strategy has shown notable resilience, while preparing the ground for attractive investment opportunities. Defensive…
Quarterly2 April 2026609 views
Q1 2026 initially looked like a fairly constructive phase of cyclical reacceleration across the major developed economies , underpinned by a stabilizing U.S. labor market, an industrial upturn in Europe, and a modest return of momentum in…
This website uses functional cookies and, with your consent, analytics cookies (Google Analytics and Microsoft Clarity). With your consent it also shows a third-party live market-data ticker, which sets no cookies but connects to its provider (receiving your IP address). Cookie Notice
