09/30/2022 –

• The major central banks are getting serious: interest rate hikes are now going to levels that imperil the global economy.
• In particular, the European Central Bank’s (ECB) radical prioritization of fighting inflation over ensuring a stable economy through the strongest ECB interest rate hike seen to date involves some risks.
• Eurozone equities therefore remain underweighted compared to Swiss equities and both equities and bonds continue to be viewed with caution.

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