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August saw sustained momentum in the markets: major indices, including the S&P 500 and Nasdaq, continued to climb, driven by generally strong US corporate earnings. Over 80% of S&P 500 companies exceeded earnings expectations. US GDP growth for the second quarter surprised on the upside (+3.3%), confirming the resilience of the US economy. This environment has reinforced positive market sentiment, contributed to reduced volatility, and increased investor confidence. Despite these strong figures, some technology stocks experienced profit-taking. Although results were solid, market expectations were exceptionally high and not always fully met. Looking ahead, we remain constructive on large-cap technology, digital, industrials, financials, and small-caps. The shift towards artificial intelligence and digitalisation continues to support growth and profitability among sector leaders—even as some of the most prominent names saw short-term adjustments linked to high expectations. We believe the potential of generative AI and the wider rollout of the cloud will continue

July delivered robust gains for the S&P 500, in keeping with strong seasonal trends typically seen during this part of the presidential cycle. Despite various macroeconomic and geopolitical concerns—including ongoing inflation, persistent tari􀆯 discussions, and global political tensions—the broader market remained resilient, with strong earnings and positive fundamental momentum supporting continued new highs.Notably, while the market’s performance has outpaced general investor sentiment, we see this as an important signal: many remain cautious and underinvested, and the gap between sentiment and results presents a meaningful long-term opportunity.Earning season: The Q2 2025 earnings season is on to an impressive start, significantly boosting marketconfidence. As of now, about one-third of S&P 500 companies have reported their results, and the numbers are strong: 80% have delivered earnings per share above analyst expectations—well above both the five-year and ten-year averages. We are approaching the August 1 tarif deadline, but we don’t see it as a

This month of June 2025 stands out for its exceptional momentum in the financial markets, with the S&P 500 reaching new all-time highs. This upward movement, often referred to as the “most hated rally,” remains largely underestimated and continues to generate significant skepticism among investors. Despite the strength of the rebound, many still doubt its sustainability, which paradoxically fuels its continuation: widespread caution limits excess and maintains room for further upside should confidence return. This rally follows the events of the spring: after the shock of Liberation Day in early April—marked by the introduction of new U.S. tariffs and a sharp market correction—the situation gradually eased from May onward. The partial suspension of these tariff measures and the resumption of dialogue between major economic powers restored investor confidence. Recently, several very positive signals have further reinforced this trend: Remarkably, even the ongoing Iran-Israel conflict, which continues to generate serious geopolitical

As we anticipated in our previous monthly report, the positive seasonality of May was fully confirmed, with equity markets showing strong performance and driven by a bullish momentum. The main indices posted notable gains: +4.8% for the Eurostoxx 600, +6.2% for the S&P 500, and +9% for the Nasdaq 100, supported in particular by the performance of major US technology stocks. On the macroeconomic front, global activity showed signs of resilience. PMI indicators rebounded, signaling an economy that remains robust, while inflation stayed contained: in Switzerland, it reached 0% in April, and in the United States, CPI inflation slowed to 2.4%. This control over inflation allowed the Federal Reserve to maintain the status quo on interest rates, thereby supporting market confidence. From a microeconomic perspective, the first-quarter earnings season was generally solid, with many companies exceeding expectations despite more cautious outlooks for the rest of the year. Recent pullbacks were

April 2025 will go down in history as one of the most volatile months of the decade, marked by a historic spike in volatility, primarily triggered by successive announcements from President Trump regarding US trade policy. From the very first days of the month, global markets wavered in response to the announcement of new “reciprocal” tariffs on numerous trading partners, notably China, causing a sharp drop in indices and a surge in the VIX to levels not seen since the 2020 pandemic. After entering bear market territory, markets experienced a spectacular rebound following Trump’s surprise decision to suspend most of new tariffs (except those on China) for 90 days. This U-turn propelled the Dow Jones up nearly 2,900 points in a single session, the S&P 500 soaring by 9.5%-its best performance since 2008-and the Nasdaq by more than 12%. This lightning rally, described by professionals as a “monster move off

March 2025 was a challenging month for financial markets, marked by notable corrections and a sharp deterioration in investor sentiment. However, periods of extreme pessimism have historically been precursors to significant rebounds, and several positive factors suggest that a recovery may be on the horizon in the coming weeks. Global Macroeconomic Context Financial Markets Positive Factors for April In summary, although March was marked by a notable decline in investor sentiment and heightened volatility, these dynamics can sometimes lay the groundwork for a potential market recovery. With April historically tending to be favorable and the anticipated influx of capital from U.S. pension funds, the environment could improve. For investors with a strategic perspective, this might represent an interesting opportunity to consider a thoughtful positioning in anticipation of a potential spring rebound in the markets.