2026 begins at full speed geopolitically, with U.S. intervention in Caracas and increasingly large protests in Iran. However, our focus here is not geopolitics, but economics.

As the year draws to a close, markets once again lost momentum, further illustrating that AI continues to be a central and powerful theme, but also a central theme, but also of heightened nervousness.

Artificial Intelligence is now capturing all the attention, and it has become increasingly difficult to ignore. The difference between AI and the internet craze, and it is a very important point, is that AI-related companies are making incredible amounts of money and are incredibly profitable. Valuations may be stretched, but these companies can at least be valued on something else than price to clicks, as was the case with internet companies back in the day.

Artificial Intelligence is now capturing all the attention, and it has become increasingly difficult to ignore. The difference between AI and the internet craze, and it is a very important point, is that AI-related companies are making incredible amounts of money and are incredibly profitable. Valuations may be stretched, but these companies can at least be valued on something else than price to clicks, as was the case with internet companies back in the day.

The topic of Artificial Intelligence (AI), however, remains unavoidable. Many market commentators are arguing that this is becoming a bubble. The difference between AI and the internet craze, and it is a very important point, is that AI-related companies are making incredible amounts of money and are incredibly profitable. Valuations may be stretched, but these companies can at least be valued on something else than price to clicks, as was the case with internet companies ba

For the first time this year, no major announcements came out of the White House. That said, verbal agreements were made with key trading partners, such as the EU and Japan. Still, it remains unclear how the U.S. plans to enforce some of the promises made, particularly those related to investment commitments in the U.S.

On July 4, the Retaliatory Tax Provision, which would have granted the U.S. government authority to impose a surtax of up to 20% on U.S.-source income (such as dividends, interest, royalties, capital gains) earned by foreign persons or companies, was scrapped from the final version, which was very important for foreign investors.

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%