Altex Partners, autor en ALTEX AM

27 Jul 22

June 2022 – Inflation, economic slowdown and return to Growth assets

Sharp market falls continued in June, although with a relatively contained impact for our Funds. Highlights: Inflation continues building up and the FED’s quantitative tightening plans remain unchanged Rotation from Value to Growth since mid-June Asia improves vs Latin America Commodities and raw materials correct from maximums Overexposure to defensive…

20 Jun 22

May 2022 – Extremely volatile and oversold signals

SFRR reports month end returns of -2.18% (-22.62% YTD), SFPG posts -3.01% (-28.72% YTD) and SFQS ends May at -2.62% (-20.30% YTD) while the MSCI World ended at -1.87% in EUR, the Nasdaq Composite posts -2.06% and the Nasdaq 100 reaches -1.65%. (-22.54% YTD). In May the bearish market trend…

10 May 22

April 2022 – Markets take the hardest fall since 2008

After the rally of the second half of March, markets fell throughout April leaving the Nasdaq 100 (the worst performing index) at -13.26% and the S&P 500 at -8.8%. SFRR reports month end returns of -5.53% (-20.89% YTD), SFPG posts returns of -8.47% (-26.51% YTD), and SFQS ends the month…

09 May 22

March 2022 – Fall and rebound and extreme uncertainty over inflation

After touching February lows on the day of the invasion, markets started to recover on the 14th of March. SFRR closed the month at -0.16% (-16.26% YTD), SFPG at +1.09% (-19.71% YTD) and SFQS ended the month at +2.68% (-11.95% YTD). March highlights: Growth stocks rebound strongly from minimums. Inflation…

14 Mar 22

February 2022 – 30 years of globalization and progress shattered by the invasion of Ukraine

SFRR ends February at -5.91% (-16.13% YTD), SFPG at –5.87% (-20.58% YTD) and SFQS at -7.79% (-14.25% YTD), while the MSCI World reports MTD returns of -2.53% in EUR (-6.36% YTD in EUR). February 24 will go down in history because of the repercussions it will have on international relations…

22 Feb 22

January 2022 – Overreaction to inflation?

It’s been a tough month for our strategies. SFRR ends January at -10.86%, SFPG at -15.82%, and at SFQS -7.00%. After reporting 2021 returns of +12%, +21% and +31%, respectively, our Funds are giving back part of those earnings this month. Although 2022 starts on a downward trend, company fundamentals…

04 Jan 22

December 2021 – A great year, full of challenges

We end 2021 posting extraordinary returns: • Sigma Fund Real Return: +12,22% YTD. • Sigma Fund Prudent Growth: +21,38% YTD. • Sigma Fund Quality Stocks: +29,83% YTD. vs MSCI World Index in EUR +28,99%. 2021 was the year of post-Covid recovery. We can safely say that this tremendous threat to health and global economy has been neutralized thanks to the…

15 Dec 21

November 2021 – The FED and Omicron shake markets

In November, despite market turbulences, we have successfully protected returns: • Sigma Fund Real Return reports MTD returns of +0.57% (+12.85% YTD) • Sigma Fund Prudent Growth reports MTD returns of +1.91% (+22.98% YTD) • Sigma Fund Quality Stocks reports MTD returns of +1.02% (+28.35% YTD) Indices performance was uneven: MSCI World ends down -0.33% in…

18 Nov 21

October 2021 – A month you won’t want to miss

If anything has improved over the last years, it has been our ability to capture market rallies. We’ve been worrying about falling markets our entire lives, but what we really need to do is focus on being in the market when it’s on the rise. Investments do entail risks, but…

25 Oct 21

September 2021 – Downturns in a market that remains bullish

September was volatile and with profit taking, but all within expectations. As atypical as a post-Covid year is for the markets, September is traditionally a negative month for the stock markets. This year has been no exception and the market started to retreat from the highs of September 6th. The…