12/31/2022 –

• The stock market recovery trend did not continue throughout December.
• The chances of an end to tighter monetary policies were firmly rejected.
• ECB President Christine Lagarde has clearly signaled that further rate hikes are to be expected in the ECB’s next two meetings.
• Eurozone equities remain undervalued in comparison to Swiss and US equities. In December, we increased the equity quota, and it is currently at 84%.

Read more about the Belvoir Global Allocation Fund in the current Monthly Update written by the fund manager Mauro Tempini.