After a powerful round in March, risk assets fell to their knees again in April, the ongoing, possibly even worsening trifecta of stress (inflation, Ukraine, China), further compounded by increasing #recessionary concerns proving too hard eventually for markets to stomach.
Many segments (notably Tech, Growth, Small&Mid Caps, Asia...) reached new yearly lows in April, confirming the relentless #bearish #momentum currently weighing down risk assets altogether.
In such context our asset #allocation (long commodities and defensive assets against risk assets altogether - particularly tech, luxury and autos) is of course markedly #outperforming, after the March consolidation.
We maintain it based on our assumption that, while it may near its peak, #global #inflation has not reached it yet.
Doubting Thomas es in other words.
Stay Tuned for more !
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