Monthly report October 2025

For the most part, the geo- and financial policies of the world powers determined events on the financial markets in October. The government shutdown in the US, which was announced at the beginning of the month, continues, but the majority of market participants appeared unimpressed by this. The resurgence of the trade conflict between the US and China caused uncertainty, and even the personal meeting between Donald Trump and Xi Jinping brought little progress. However, confidence returned with the publication of the inflation figures for September, as the rise in prices was lower than expected, fuelling hopes of a further interest rate cut by the US Federal Reserve. And the Fed delivered, lowering its key interest rate by 25 basis points. However, Chairman Powell did not reveal his hand regarding a further cut in 2025.

Our fund continued to gain ground this month, once again demonstrating its high quality. As confirmation of this, we were awarded the ‘5-star Top Fund Boutique 2025’ award by the renowned investor magazine Capital, as we were last year.