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FIMARGE Funds and SICAVs

INSTRUMENTS

Monthly comment (August 2022)

Hawkish central banks continues to weigh on markets, as they're committed to bring inflation under control, despite the risks of recession. In fact, the US has already recorded two consecutive quarters of negative growth, while most economic data are showing how the global economy is cooling down. As such, bond yields went up (with prices down), together with equities also down, specially through the most cyclical and growth stocks. However most of our companies are reporting historic sales highs with no meaningful margin lost, while the portfolio is ~40% down on valuation.
We consider this is not justified by rising interest rates, and continue to think that holding long-term and sustained organic growth on high quality stocks is the best way to protect any equity portfolio from inflation and/or recession. As for bonds, we recently increased the duration on crossover-rated bonds, always through issuers clearly performing on fundamentals.

FIMARGE BALANCED PORTFOLIO FUND - CLASS I

year to date
-17.46
%
net asset value
92.33
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1892387462
currency
EUR

FIMARGE BALANCED PORTFOLIO FUND - CLASS A

year to date
-17.78
%
net asset value
90.43
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1753744009
currency
EUR

FIMARGE INTERNATIONAL EQUITY FUND - CLASS A

year to date
-7.14
%
net asset value
92.86
risk scale
6
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU2474268096
currency
EUR

IRIDIUM FLEXIBLE EQUITY

year to date
-26.96
%
net asset value
106.84
risk scale
6
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1244564792
currency
EUR

ALBA GLOBAL DYNAMIC

year to date
-20.78
%
net asset value
90.96
risk scale
5
/
7
Details
legal form
Andorran law SICAV
country
Andorra
ISIN
0154-01 AFA
currency
EUR

ARMONY AGECA

year to date
-15.40
%
net asset value
105.80
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1388853720
currency
EUR

IRIDIUM BALANCED PORTFOLIO

year to date
-18.41
%
net asset value
107.50
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU0792718537
currency
EUR
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Fimarge Societat Financera d’Inversió SA
C/ Bonaventura Armengol, 10
Ed. Montclar Bloc 1, 5è 1a
Andorra la Vella
Nº Registre Societat: 5711
Nº Registre Tributari: A-700866-T
Nº Autorització AFA: SFI-04/95 (20/04/1988)