Review and outlook

Investors had a very difficult year in 2018, with almost all traditional asset classes and markets closing with negative returns. The portfolio results were spoiled by December in particular, when significant losses were recorded across the board. Continue

In the international equity markets, the decoupling of the US from the rest of the world continues. Divergence of the markets in favor of the USA and at the expense of Europe and the emerging markets has been observed for some months now and was even more pronounced in the third quarter of 2018. Continue

The first half of 2018 was a difficult period for the international equity markets. Volatility rose sharply at the start of February, and despite subsiding in March has remained at a considerably higher (but more normal) level than in 2016-2017. Continue

This year started promisingly, but the optimistic mood soon faded. At the beginning of February, volatility spiked sharply and the daily fluctuation range increased significantly. Continue

The international equity markets continued their excellent performance into the third quarter of 2017, once again proving to be an attractive option for investors. Continue

Since the beginning of the year, the risk conditions in the international equity markets have been very good. As a result, the markets are calm with an excellent risk-return ratio. Continue

Risk conditions in the international stock markets improved markedly during the first three months of the year. Despite the ongoing political risks and the related uncertainty, stock markets are robust and in good shape. Continue