Monthly reporting September 2024

September got off to a subdued start after many share indices had previously reached new highs. Fears of recession also emerged following a weak labour market report. However, confidence then returned with falling US inflation figures and the central banks subsequently made investors happy by cutting interest rates. While the European Central Bank and the Swiss National Bank acted within expectations and reduced interest rates by 25 basis points each, Fed Chairman Powell was able to surprise investors positively with an unusually large move of half a per cent. Towards the end of the month, China announced a comprehensive package of measures to stimulate the flagging domestic economy, which gave the markets an additional boost and allowed them to climb to new highs.

As always, we remain true to our focus on quality stocks and are also maintaining our hedges.