12.02.2025 –

• Macroeconomics – Strong US, Recovering Europe, China powering up. Tariffs’ war ahead
• Equities – Rally after a weak December, with Europe in the spotlight
• Bonds – Volatile but flat Governments, further yield spread tightening for Corporates
• Currencies – Mild strength in USD, JPY rally
• Other – Volatile Cryptos but slightly up, Gold at all-time highs
• Belvoir Global Allocation II Universal Fund gained +4.47% in January

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