Blog

Quarterly Investment Letters

The Quarterly Investment Letters provide investors with the latest market views that also contain macro-economic scenarios and investment recommendations written by the Senior Portfolio Managers at Alpinum Investment Management.
Logo Alpinum Investment Management

Q2 2021-Quarterly Investment Letter

The world is reaching an inflection point in defeating the pandemic, resulting in a possible regime change in inflation, a steepening of the yield curve, equity sector rotation and possibly a revival of commodity prices.

Read More »

Q1 2021-Quarterly Investment Letter

Investors seem to be living in the best of all worlds. No central bank or government wants to remove economic support too quickly and monetary policy will remain very stimulative. Joe Biden won the US

Read More »

Q4 2020-Quarterly Investment Letter

Over the next 3-6 months we expect global economic growth to be reasonable, based on the outlook for a viable vaccine, central banks’ ultra-loose monetary policy and governments’ fiscal stimulus measures reaching over USD 13

Read More »

Q3 2020 – Quarterly Investment Letter

The Covid-19 pandemic has led to drastic actions around the world. Never before in history has it been so easy for Western governments to increase fiscal expenditures through debt. All of this supported by central

Read More »

Q2 2020-Quarterly Investment Letter

With a global recession now a certainty, government bond yields remain very low and offer no long-term investment perspective, but help diversifying the portfolio as of now. Credit spreads in some market segments have reached extreme levels and led

Read More »

Q1 2020-Quarterly Investment Letter

Global manufacturing is likely to see a moderate rebound over the next 3-6 months. Hence, a near term recession is highly unlikely. US GDP growth decelerates in 2020. However, consumer spending, driven by low inflation,

Read More »

Q4 2019-Quarterly Investment Letter

Global growth is receding but (US) consumer confidence remains strong and as long as corporates’ capital expenditures do not further deteriorate, the likelihood for a near-term recession in the US or China is low. US

Read More »

Q3 2019-Quarterly Investment Letter

The US Fed is the dog that wags the tail. US Treasury futures forecast two rate cuts this year, which will prolong the economic cycle and prevent the USD from further strengthening. US GDP growth

Read More »

Q2 2018 – Quarterly Investment Letter

The first months of 2018 experienced a fast comeback of volatility. Almost all traditional asset classes performed negatively in Q1-2018, putting alternative strategies back in the spotlight to diversify and optimize future performance expectations. Economic

Read More »

Q4 2017 – Quarterly Investment Letter

Continued global growth recovery while inflation remains surprisingly low. Equity markets are still leading the way in an environment where all risky assets have done very well since the beginning of the year. Investment Grade

Read More »

Q3 2017 – Quarterly Investment Letter

Global growth is set for a moderate rebound, both in developed and emerging economies. Risks to global growth are linked to China, where financial bubbles are forming, and to geopolitics, where North Korea is the

Read More »

Q2 2017 – Quarterly Investment Letter

The first four months of the year were very positive for risky assets as investors focused on the positive impacts resulting from the U.S. upcoming pro-growth policies. Global equities posted a gain of +7.9% during

Read More »

Q1 2017 – Quarterly Investment Letter

We are witnessing the transition from monetary stimulus to fiscal stimulus (tax cuts, infrastructure spending) and from disinflation to relation. The rise of populism in the Developed Markets is finally forcing governments to adopt more pro-growth

Read More »

Q4 2016 – Quarterly Investment Letter

Markets showed high levels of complacency brushing aside the negative Brexit vote consequences as all risky assets quickly recouped their losses. Global growth has softened but shows signs of stabilization. US elections dominate market sentiment

Read More »

Q3 2016 – Quarterly Investment Letter

Global growth will only be moderately affected by Brexit. In Europe, where there will be months of uncertainty affecting business and consumer sentiment, we expect a larger impact. Interest rate levels of government bonds have

Read More »

Q1 2016 – Quarterly Investment Letter

Ignoring unpredictable exogenous shocks, we expect that economic growth will be positive but moderate. Although market sentiment is negatively biased we do not see the typical signals of an impending recession. For instance there is

Read More »

Q4 2015 – Quarterly Investment Letter

As stated in the previous letter, global growth remains heavily affected by the antagonistic forces of deflationary impulses (energy, commodities), announced monetary tightening (the Fed and Bank of England) and continued monetary stimulus (ECB, Bank

Read More »

Q2 2015 – Quarterly Investment Letter

Global growth is happening but it remains sluggish. The economic impact of the gigantic QE measures, at global level, remain underwhelming. Please note that in Q1 2015 alone, more than 20 central banks lowered their

Read More »

Q1 2015 – Quarterly Investment Letter

Finally, the US will be in the lead to promote economic growth. The majority of other countries are lagging behind. This economic mismatch brings the synchronicity of expansive monetary policies amongst the big players to

Read More »

Stay up to date with the fast-moving market. Subscribe to our Investment Letter and receive a quarterly digest about everything you need to know in today’s markets.

Alpes Valley - Alpinum Investment Funds - Blog
* indicates required

Please confirm that you would like to receive emails from Alpinum Investment Management AG.


You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

error: Content is protected !!