- The global economy is in a good and robust condition. It can be assumed that neither the war nor inflation will immediately trigger a global recession.
- The war and rising costs are weighing on record high profit margins and putting pressure on earnings per share. Investors’ reduced expectations are likely to be priced into the financial markets.
- No change in equities. The bond ratio remains unchanged at 7.5%. Liquidity is at 13.9%.
- In March, the Belvoir Global Allocation Fund was up 1.53% terms and is down 10.44% YTD, both figures in EUR.