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FIMARGE Funds and SICAVs

INSTRUMENTS

Monthly comment (September 2021)

Seasonal headwinds arrived, and together with political and systemic risk from China's Evergrande, have caused some benchmarks to have the worst month since last year, particularly amongst the small cap tranches. All in all, developed markets were broadly flat over the quarter, while Chinese issue dragged emerging markets down.
Commodities recorded its 14th monthly gain over the prior 17 months, setting in some cases such as the natural gas, the greatest annual gain since 1979 (+135% YTD), and spreading inflationary forces. Thus, the Fed Chair Jerome Powell said they could begin tapering with their next meeting in November, while first rate hike would likely begin after the taper process is complete, which could be by mid 2022.
Though expectations for ongoing earnings growth helps to support equity markets, there are reasons to be cautious. More than ever, we strongly believe the best way to protect any portfolio, is to build on a high quality set of stocks, combined with low duration and credit stories with room to improve on a fundamental basis.

FIMARGE BALANCED PORTFOLIO FUND - CLASS I

year to date
6.73
%
net asset value
111.36
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
6.27
%
net asset value
109.61
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1753744009
currency
EUR

IRIDIUM FLEXIBLE EQUITY

year to date
18.60
%
net asset value
145.80
risk scale
6
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1244564792
currency
EUR

ALBA GLOBAL DYNAMIC

year to date
6.43
%
net asset value
114.64
risk scale
5
/
7
Details
legal form
Andorran law SICAV
country
Andorra
ISIN
0154-01 AFA
currency
EUR

ARMONY AGECA

year to date
8.59
%
net asset value
124.13
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1388853720
currency
EUR

IRIDIUM BALANCED PORTFOLIO

year to date
6.05
%
net asset value
131.33
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)