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News and information about our funds and market commentaries.

  1. Donald vs. Mickey

    What a month! A week after President Trump’s aggressive tariff announcements on 2 April, equity markets were down by 10 to 14 per cent and high-yield spreads were up by roughly 100 basis points. Trump calling for the resignation of Federal Reserve Chair Jerome Powell didn’t help either.

  2. Trading, fast and slow

    I know this commentary was supposed to be about March, but I can’t pretend “Liberation Day” never arrived. On 2 April, US President Trump presented a plan to impose sweeping tariffs on goods from countries all over the world, differentiated according to what he saw as their success in, er, exploiting the US. Stock markets then plummeted, on the back of what was already a sharply negative month in global stock markets (there – you got your March update). Norway was a positive exception in March, in part due to somewhat higher oil prices, but the start of April took care of that.

  3. Results from election meeting

    At the election meeting, held on 31 May 2024, one unitholder representative were re-elected to the board of Pareto Asset Management.

  4. Serenity asset management

    We’re getting loads of questions about our take on President Trump and the new geopolitical landscape. After all, there is no shortage of shocking news or seemingly random surprises, what with tariffs, more tariffs, Oval Office quarrels, hints of partially reneging on US government debt interest payments, and of course more tariffs.

  5. Surprises to be expected

    January was an unusually good month in the stock market. The MSCI World Index returned 3.5%, which – in case you feel it sounds unimpressive – corresponds to an annual return of more than 50%. For once, however, it was not pulled up by the US stock market, as the S&P delivered a somewhat more modest total return of 2.8%. This, for the record, corresponds to a still very decent 39% annual return.

  6. Late expectations

    Do you remember what 2024 looked like a year ago? Spoiler alert: It doesn’t quite look like that now.

  7. The effect of increasing signage

    Sustainable investment is an undisputed growth business. A rough estimate puts the latest number of ESG funds and ETFs globally at somewhere close to 9,000, given a slightly moderated growth rate of 15-20% over the past year. More than 75% of these investment vehicles are based in Europe, representing over €10 trillion in aggregate assets under management.

  8. Atlantic divide

    It seems the US stock market rejoiced at Donald Trump’s presidential election victory. Having already had a stellar year, the S&P 500 rose by an additional 5.9% in November, lifting this year’s total return to more than 28%. In comparison, the STOXX Europe 600 rose by a notably more modest 1.2%, with a total return year to date of 10%.

  9. Adapting to reality shows

    While this is supposed to be a commentary on market developments in October, I have to address what everybody’s talking about these days: the US presidential election. At the time of writing this commentary, on the eve of the election, all available information points to a very close and extremely exciting race. As reality TV goes, it doesn’t get much better.

  10. Results from election meeting

    At the election meeting, held on 31 May 2024, one unitholder representative were re-elected to the board of Pareto Asset Management.