although tariffs on China, for example, have been reduced, they are still elevated, and we have seen no clear indication of a rebound in activity in the Port of Long Beach/Los Angeles. 30% (or whatever the final rate may be) may seem a godsend compared to 145%, but it is still incredibly high and a potential death knell for quite a few US importers.

Regarding the first point, it remains difficult to say whether the United States will ultimately enter a recession due to tariffs, which are now partially suspended. What is beyond doubt, however, is that uncertainty remains very high. The moratorium is only valid for 90 days, and the trade conflict with China is far from resolved

Markets have been significantly shaken by the announcement of new U.S. tariffs, particularly high and, to say the least, relatively arbitrary in their calculation.

Politics cannot be ignored right now, as US decisions from anything to Ukraine to tariffs have a clear impact on markets.

Despite the turbulence AI with DeepSeek, US markets had a strong month, with S&P 500 up +2.70%, Nasdaq 100 up by +2.22%, Dow Jones up +4.70%

DeepSeek has come out with a few good, efficient AI models at a fraction of the cost of the ones developed by their US competitors.

European markets had a good month of Feb, with Euro Stoxx 50 up +3.34%, Stoxx Europe 600 up +3.34%,, and the CAC 40 up by +2.03%.

Year 2024 was both interesting and complex for our investment philosophy, with a slight lag for our various funds compared to indices.

American markets experienced varied performances, influenced by economic and political factors.

Monetary policies influenced European markets which had a mixed month, Euro Stoxx 50 up +1.91%, Stoxx down -0.52%, CAC 40 up +2.01%.

Despite the persisting geopolitical instability, the month of November once again confirmed our conclusions on the solidity of a bull market

With warning of potential barriers to import, European management of a portfolio of large-capitalisation markets had a mediocre month.

The American portfolio of large-capitalisation markets had a good month, with the S&P 500 up stocks based primarily in North America. +5.73%

Well, there we are, the last source of uncertainty for the year has been resolved. For the second time, a former president has been elected.

In a context of consolidation and anticipation before the presidential elections, U.S. markets had a stable, slightly negative month.

European markets had a difficult month with U.S. elections and mixed corporate results. Euro Stoxx 50 dropped -3.46%, Stoxx Europe 600 fell.

In September, most major central banks lowered their reference rates, in Europe both the ECB and the Swiss National Bank and US FED.

The American markets had a fairly good month, with the S&P 500 up +2.02%, the Nasdaq 100 up +2.48%, and the Dow Jones Industrials up +1.85%.

In a context of rate cuts announced by the ECB, European markets had a stable month, despite complicated global geopolitics.

The month of August started with a bang, with one of the biggest carry trades blowing up in a spectacular fashion.