| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.5% | 1.0% | 1.0% |
Plurimi Wealth's Global Macro fund declined 1.7% in March as Trump's 25% tariffs on Mexico and Canada, plus Chinese goods hikes, triggered trade war fears and market volatility. The managers view these tariffs as leverage tactics for better trade balances, expecting April rollbacks following concessions. They maintained equity allocation unchanged, focusing on resilient positioning through healthcare names like Eli Lilly, Roche, and Danone, plus defense beneficiaries Dassault Aviation and Kongsberg Gruppen driven by geopolitical tensions and rising global defense budgets. The fund maintains gold exposure via Franco-Nevada and Kinross while preferring TIPS over Treasuries, with 30-year real yields around 2% offering rare opportunity. Key risks center on inflation and stagflation if protectionist policies persist, rather than recession. The dollar weakened as tariffs shook confidence in U.S. economic stability. Looking ahead, they expect continued U.S. growth in 2025, meaning fewer Fed cuts than markets anticipate, while positioning for structural defense trends and inflation protection.
Multi-asset strategy combining macro allocation with risk management, maintaining defensive positioning through resilient healthcare and consumer staples holdings while capitalizing on structural defense spending trends and inflation protection via TIPS and gold exposure.
The manager expects continued U.S. economic growth in 2025, leading to fewer Fed rate cuts than market expectations. They anticipate tariff rollbacks in April following concessions, viewing current tariff policy as leverage strategy rather than permanent trade war. Inflation and stagflation are seen as primary risks if protectionist policies persist.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2025 | 2025 Q1 | 6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L | defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy | - | Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions. |
| Dec 31 2024 | 2024 Q4 | ADBE, AM.PA, C, CBK.DE, DHI, DIS, FCX, GOOGL, MUFG, NFLX, V | Europe, inflation, Macro, Multi-Asset, oil, technology, value | - | The strategy is over-allocating to value equities which have been out of favour in recent months. The strategy owns equities which are trading 20% below the market estimated P/E ratio, but the market has rotated away from this type of stock. |
| Oct 31 2024 | 2024 Q3 | ADBE, BABA, C, CBK.DE, DIS, EOG, GOOGL, HIG, LLOY.L, NFLX, ROG.SW | equities, Fed policy, fixed income, Global Macro, inflation, Multi-Asset, Trump | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q1 |
Defense SpendingThe entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. |
Defense Armaments Rheinmetall Palantir RTX |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact | |
| 2024 Q4 |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through |
OilOil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. |
Crude Brent WTI Hormuz Supply | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 8306.T | MUFG is the largest and most diversified Japanese financial group |
| ADBE | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| C | Money center bank Citigroup rose amid strong capital markets activity and benign credit conditions. The company continued to repurchase stock and return capital to shareholders, while expenses related to its transformation are expected to decline next year. |
| DHI | Conversely, our biggest detractors this quarter were DR Horton (DHI), Lennar Corp (LEN), Home Depot (HD). |
| FNV | The underperformance came from: Franco Nevada. The top contributors to this outperformance came from Franco Nevada |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| IAG.L | International Consolidated Airlines gained on the same demand metrics, with better-than-expected earnings and balance sheet strength enabling strategic growth (new routes, fleet additions) and buybacks. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| ROG.SW | Top gainers among the Fund's holdings included Roche (+27%) |
| RR.L | Shares in Rolls-Royce Holdings plc returned 120.1% in U.S. Dollar terms in 2025, driven by strong and broad-based fundamental performance and increased investor appreciation for the underlying businesses and their prospects. We expect Rolls-Royce will have grown revenue and free cash flow per share at roughly 10% and 35%, respectively, in 2025. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
