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In November, equity markets once again reflected the defining pattern of 2025: frequent bouts of volatility, but no real break in the underlying uptrend. The S&P 500 fell as much as 6% from its October highs before staging a sharp rebound during the shortened Thanksgiving week, ultimately closing the month with a modest gain of around 0.4%. This was already the seventh correction of at least 3% this year, underlining that such pullbacks are now a built-in feature of this market regime rather than a signal of an imminent change in cycle. This back-and-forth has left a clear mark on investor psychology, especially among retail investors. Sentiment surveys remain in negative territory, consistent with a perception of a “fragile” market overly dependent on a handful of large growth names. Yet this persistent caution stands in contrast to broadly resilient macro data and solid corporate earnings, which argues for interpreting the

Global markets continued their upward momentum in October, buoyed by robust earnings and a constructive political backdrop. The S&P 500 is expected to close the month up 2% following a brief correction mid-October. In this favorable seasonal environment, we maintain a measured optimism and view every market pullback as an opportunity for strategic portfolio repositioning. Key market Highlights Despite lingering concerns such as risks in private credit and the U.S. government shutdown, American companies have displayed remarkable agility. Amazon’s latest results underscore the strategic importance of technology investments to overcome macroeconomic challenges and prepare for the next growth phase. A further monetary easing by the Fed could occur as soon as December, even as the central bank remains cautious and vague on the exact timetable. The combination of favorable seasonality, persistent portfolio underexposure, and strong earnings momentum suggests at least an additional 5% upside by year-end, with the S&P 500

U.S. equities extended their bullish trend in September, confirming strong fundamentals despite some consolidation phases. The S&P 500 remains firmly above its key technical support levels and still shows potential to rise toward 6,950/7,000 points by year-end, an upside of about 5%. Recent profit-taking episodes—mainly driven by institutional investors and hedge funds—have clearly subsided, highlighting the robustness of the ongoing bull cycle. Momentum continues to be powered by the theme of artificial intelligence, the real engine of the current supercycle. Since 2022, AI has accounted for over 75% of the S&P 500’s performance, 80% of profit growth, and attracts nearly 90% of investment flows, while valuations of leaders like Nvidia (~26.5x projected earnings for 2026) remain sustainable, well below the extremes of the dot-com bubble. However, rigorous selection is essential: only players with a structural advantage should benefit sustainably from this trend. The Federal Reserve’s rate cuts act as a

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