05/31/2023 –

• Anxiety about the debt ceiling in the U.S.
• Value Flop – AI Shares Top!
• Inflation continues to fall
• Summer doldrums ahead?
• Belvoir Global Allocation II Universal Fund down 1.2% in April, +7.0% YTD

With just under 76% in equities, 16% in bonds and 8% in cash, we positioned ourselves in our neutral positioning.

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