Jerome Powell and the boustrophedon

If we are looking for the principle that guides Jerome Powell in his communication with the markets, we can find it in the boustrophedon style of writing that goes from right to left and then from left to right. Used in archaic Greece until 402 B.C., this type of writing was inspired by the march of an ox marking its furrow in a field.

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Geopolitics in 2024: a year of transition before a possible shock in 2025

First of all, it should be pointed out that much may change with the possible election of Donald Trump on 5 November. But the effects of his election will not be felt until 2025 (when he takes office on 20 January that year).

Let’s now take a look at the “hottest” geopolitical issues that will continue to accompany us this year.

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Five questions for an investment manager

1. You have worked for several major banks in your time in finance. How have you seen the development of alternative assets, such as private equity and infrastructure, developing in private client portfolios?

Alternative assets such as private equity are now very much in focus for private clients. When I was responsible for private equity at Lombard Odier, buy-out and venture capital funds were sought after, but had to be specifically structured for private clients. Now private investors are also exploring infrastructure, property, credit, and secondary private equity in an attempt to diversify their portfolios. Challenges such as liquidity and institutional structures are now being addressed.

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Listed infrastructure: 2024 Outlook

Global infrastructure stocks’ performance stood in contrast to broader equity markets in 2023, which rose on the strength of just a few sectors, led by technology (which rallied sharply on optimism surrounding advancements in artificial intelligence).

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Distribution and transmission networks

We have been hearing for 20 years that the electrical infrastructure in the United States is obsolete, (with an average age of 40 years), and the long-awaited wave of investment is still to come. Europe is the same, with an ageing infrastructure (also 40 years old on average, according to a European Union report). Against this backdrop, we believe that infrastructure offers an investment opportunity.

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QUAERO CAPITAL launches an SRI-labelled bond fund

QUAERO CAPITAL announces the launch of Quaero Capital Funds (Lux) – Bond Investment Opportunity, a new bond sub-fund of its Luxembourg SICAV Quaero Capital Funds (Lux). The fund invests mainly in the debt markets of OECD member countries in euros, incorporating ESG criteria. The team, comprising Xavier Nicolas, Frédéric Loisel and Philippe Scemama, has been managing a similar strategy since January 2022 in the form of a specialist professional fund under French law. The strategy is now available in Luxembourg UCITS format.

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Investing in small and micro-caps – case studies

Over the 20-year history of the Quaero Capital Funds (Lux) – Argonaut fund (the Fund), we have adhered to our investment philosophy and fundamentals/value approach of investing in good companies at great prices. Our investment process is based on primary research, which is necessary for investment in smaller companies that communicate less and have limited coverage by brokers. Over the years, we develop an intimate knowledge of the companies we invest in.

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Navigating the divergence: a reflection on the striking dynamics of small/micro-cap investments

The year 2023 saw significant stock market gains worldwide, but for anyone investing in European Small/Micro-cap, an invitation to the party was notably absent. Why bother trying to identify winners from thousands of small-cap stocks when you can simply invest in a few of the largest, best-known companies globally and achieve better returns?

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