07.03.2025

• Macroeconomics – Softer US, Recovering Europe, China ready to act. Tariffs’ war is here to stay, for now
• Equities – Profit taking and uncertainty in February, with Europe outperforming again
• Bonds – Rally in both Government and Corporate bonds
• Currencies – Softer USD amid uncertainties and weaker macroeconomic data
• Other – Sell off in Cryptos, Gold still close to all-time highs
• Belvoir Global Allocation II Universal Fund lost a mild -1.6% despite heavy market volatility, now +2.7% YTD

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