09.30.2023 –

• September – another seasonally weak month.
• Key interest rates – higher for longer.
• Oil price keeps rising.
• Stocks take a breather.
• Long-dated US Treasuries lose considerable value.
• The Fund lost 3.5% in September, and is now +3.9% YTD.

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