Half-Year Report 2022

by Silvano Grimaldi,  Grimaldi & Partners

RÜCKBLICK 2022

  • The stock markets in Switzerland, Europe and the USA have fallen by between approx. 20% (Swiss Leader Index SLI) and approx. 30% (US technology exchange NASDAQ)
  • The trigger was the UKRAINE war, concerns about inflation and interest rates, and the fear of a recession.

PORTFOLIO

  • Book losses were contained thanks to solid stocks and currency gains on the USD (around 10%).
  • The strategically strong underweight in EUR investments has proven its worth once again: the euro recently fell below par with the CHF. The long-term trend remains down.
  • The portfolio is invested sustainably, as soon as the mood on the stock exchanges improves, this year's book losses will be recovered quickly.

OUTLOOK SECOND SEMESTER

  • We expect the economy to calm down: a decrease in inflation; long interest rates will stop rising and the economy will slow down only slightly (no hard landing).
  • The stock exchanges are likely to anticipate a strong economic recovery and thus a recovery in corporate profits from 2023 at the latest next autumn (September-October). This should be the trigger for an end-of-year rally, which will possibly make up for the losses in the first half of the year by the end of 2022.

 

DID YOU KNOW?

We are among the first Swiss independent asset managers to receive the FINMA license in accordance with the new Fidleg/Finig regulation that has been in force since 2020. The deadline for new approvals for existing asset management companies is the end of 2022. More on this: https://www.grimaldi-partners.ch/de/

 

GRIMALDI & PARTNERS AG

Rautistrasse 33
CH-8047 Zurich

Direct +41 44 520 00 15 
info@grimaldi-partners.ch
www.grimaldi-partners.ch


Silvano Grimaldi, Managing Director
lic.oec. HSG
silvano.grimaldi@grimaldi-partners.ch

 

 

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