| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 1% | 1% |
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 | - | Global macro fund fell 1.7% in March on Trump tariff fears but managers view this as leverage strategy expecting April rollbacks. Maintained equity allocation with defensive positioning in healthcare resilient names and defense beneficiaries from geopolitical tensions. Prefer TIPS over Treasuries for inflation protection while maintaining gold exposure through Franco-Nevada and Kinross. |
| 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 | - | Multi-asset macro fund targeting inflation plus 5% declined 0.9% in December on value stock underperformance and tech underweight. Managers maintain pro-cyclical positioning despite political uncertainty and inflation risks, viewing current TIPS yields as compelling. Oil stocks provide inflation hedge while equity allocation increased on weakness, staying below risk limits. |
| 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 | - | Global macro fund gained 1.6% in November on Trump election rally, with equities up 5% and financials leading on deregulation hopes. Maintained 23% net long position. Moderately bullish on 2025 equities despite elevated US valuations, expecting supportive growth and easier monetary policy. Key risks include policy uncertainty and inflation persistence above Fed targets. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q1 |
Trade PolicyTrump'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. |
Tariffs Trade War Stagflation Leverage |
Defense SpendingDefense holdings Dassault Aviation and Kongsberg Gruppen benefit from structural tailwinds driven by geopolitical tensions and rising global defense budgets rather than cyclical growth. These positions performed well in the first part of March. |
Geopolitical Defense Budgets Structural Tailwinds | |
InflationIf populist and protectionist policies persist, the primary risks are inflation and stagflation rather than recession. Inflation breakevens remain subdued but the manager believes they have room to move higher. TIPS are preferred over Treasuries with real yields on 30-year TIPS around 2%. |
TIPS Breakevens Real Yields Protectionist | |
GoldThe fund maintains gold exposure through Franco-Nevada and Kinross as part of their resilient positioning strategy. |
Franco-Nevada Kinross Exposure | |
| 2024 Q4 |
ValueThe 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. |
Value P/E Ratio Undervalued Market Rotation |
OilWe continue to own a significant allocation to oil stocks, which we view as a good hedge against the primary benchmark for the fund, inflation. |
Oil Inflation Hedge Energy | |
InflationRising inflation may mean the Fed will not be able to react to any economic weakness. Oil stocks are viewed as a good hedge against inflation, which is the primary benchmark for the fund. |
Inflation Fed Monetary Policy Hedge |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| FNV | We maintain gold exposure through Franco-Nevada and Kinross. |
| LLY | In healthcare and consumer staples, we remain invested in Eli Lilly, Roche and Danone. These names offer resilience. |
| AM.PA | Defense holdings, Dassault Aviation and Kongsberg Gruppen, benefit from structural tailwinds in the first part of March, driven by geopolitical tensions and rising global defense budgets - rather than cyclical growth. |
| KOG.OL | Defense holdings, Dassault Aviation and Kongsberg Gruppen, benefit from structural tailwinds in the first part of March, driven by geopolitical tensions and rising global defense budgets - rather than cyclical growth. |
| ROG.SW | In healthcare and consumer staples, we remain invested in Eli Lilly, Roche and Danone. These names offer resilience. |
| BN.PA | In healthcare and consumer staples, we remain invested in Eli Lilly, Roche and Danone. These names offer resilience. |
| KGC | We maintain gold exposure through Franco-Nevada and Kinross. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
