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News and information about our funds and market commentaries.

  1. Momentous developments

    What’s to remember about October 2023? If you don’t immediately think of the October 7 terrorist attacks and the ensuing Gaza war, you need to lift your gaze. There’s more to this world than securities markets.

  3. Forward guess rates

    No, September wasn’t a good month in global fixed income or equity. Blame it on interest rates. While the US Federal Reserve abstained from further hikes at its last FOMC meeting, the ECB, Norges Bank, and Riksbanken all added 25 basis points (bps) to their key rates. And all were relatively hawkish in their statements and/or choice of background material.

  4. Inflation, polar bears, and China

    Are interest rates finally starting to bite? Concurrent inflation figures are certainly lower, and we have an increasing number of supporting observations, from housing prices to GDP growth and job creation. It may take a while for the Federal Reserve to bring inflation down from levels above 3% to their target of 2%, but remember – last summer it almost reached 9%. The trajectory is less pronounced on this side of the Atlantic, but the general picture is much the same.

  5. No summertime blues

    I ticked off June by wishing everybody a wonderful, care-free summer. A number of investors can probably attest to having had a summer along such lines. Credit spreads fell on both sides of the Atlantic, global bonds strengthened, and most stock markets rose appreciably. The S&P 500 returned 3.2%, while STOXX Europe 600 rose by 2.2%. As for care-free, volatility fell in the US but rose somewhat in Europe.

  6. Without a care

    What a difference a year makes! In June 2022, the S&P 500 and the MSCI World Index fell by about 8%. This year, June delivered 6.6% and 5.7%, respectively. If you sold in May and went away, don’t send me a mail about timing.

  7. ESG, research, returns, risk, rebuttal …

    We’ve stated, time and again, that responsible investment is not about being altruistic. We believe that it will also pay off. However, research is piling up that seems to indicate otherwise. So why do we keep at it?

  8. Conditional knowledge

    Investing entails acting on unknowns. We don’t know how economic growth develops. We don’t know where interest rates go. We don’t know future commodity prices or how geopolitics will unfold. Breakthroughs in artificial intelligence are likely to surprise. And changes in tax policy on a whim? Add to the list.

  9. Results from election meeting

    At the election meeting, held on 31 May 2023, two unitholder representatives were elected to the board of Pareto Asset Management.

  10. Myopic returns

    Rising interest rates? Continued war in Europe? Debt ceiling fight looming? No matter. Global stock markets continued their ascent in April, lifting this year’s returns to 11.4% for the STOXX Europe 600 and 9.2% for the S&P 500.