What an exceptional first quarter it was. Most European indices increased by double-digit figures spurred by the ECB’s stimulus program, driving down the Euro's value and making European companies more competitive globally. The STOXX 600 is now 16% higher compared to the start of the year. Our European portfolio showed a positive alpha of 5.7, finishing the quarter with a gain of 21.7%. We’re delighted with this result and, more importantly, about the fact that it’s been supported by a majority of the selected stocks.

In the US, the economy is still going strong, and the Federal Reserve has modified its stance on interest rates, which have been kept at a record low of 0% since the financial crisis in 2008. It made this clear by removing the word ‘patience’ from its regular statement. However, it said it would wait until it saw further improvement in the US labor market. In Q1, the S&P500 remained fairly flat with an increase of 0.4%. Our North American portfolio managed to record a TWR of 5.4%, an alpha of 5.

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