TAMAC Global Managers November Comment

Global equity markets rose with the MSCI All Countries Index up 3.70% in EUR in November, although emerging markets faced tailwinds from a strengthening USD (MSCI Emerging Markets up 1.05% in EUR). Global bond markets fell by 0.30% in EUR as riskier bonds continued to outperform safe-haven securities.

Asset markets have been buoyed by the potential for progress on a trade deal, while central banks have largely been on the side-lines in November. Optimism for the “Phase One Trade Deal” between China and the US continued despite ongoing tensions in Hong Kong and threats by President Trump to raise tariffs if no agreement was reached.

Global economic data was positive, with improving readouts from Europe and the US and decent earnings data as US earnings season came to a close (80% of companies beating expectations, and cyclical companies outperforming).

We are also pleased to report that the Global Managers has been recognised as the top performing fund in the absolute return sector across the past three years by Citywire:

https://citywire.co.uk/wealth-manager/fund/tamac-global-managers-lux-gbp/c349511?periodMonths=36