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Fund Facts: April 2025 Update – Belvoir Global Allocation II Universal

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06.05.2025

  • Macroeconomics – Much weaker US, Signs of stagnation in Europe, Deflation in China
  • Equities – First the “Liberation-Day” drop, then full recovery
  • Bonds – Positive Government bonds, sharp recovery IG and HY bonds, after the initial drop
  • Currencies – USD plunged due to tariffs news and weak macroeconomic data
  • Other – Cryptos on average up, Gold hits all-time high to then retrace above $3,200
  • Belvoir Global Allocation II Universal Fund at -2.4% in March, now -4.6% YTD

Read more about the Belvoir Global Allocation II Universal Fund in the Monthly Update, written by the fund manager Steffen Bauke.

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