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FIMARGE Funds and SICAVs

INSTRUMENTS

Monthly comment (December 2021)

Despite Omicron variant led to spike volatility at the end of November, equity markets rallied over the 4Q, mostly driven by earnings growth, ending 2021 as the 3rd year in a row of strong returns. However, fixed income were flattish, as rising inflation and a more hawkish speech from central banks on monetary policy weighed, leading most yield curves to flatten.
For 2022, with CPIs jumping to its highest reading in more than 30 years, three of the four major central banks outlined they are more concerned about inflation than the economic disruption that could cause the Omicron variant. We will have to stay broadly invested in high quality companies both through equities and bonds as usual, and while the hit from Omicron can be short-lived, we see another year with above average GDP growth and rising earnings, still justifying an overweight to equity risk in the portfolio. As for fixed income, with inflation being a challenge, we see no reasons to increase duration across the portfolio, supporting our hold-to-maturity strategy.

FIMARGE BALANCED PORTFOLIO FUND - CLASS I

year to date
-2.34
%
net asset value
109.25
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
-2.37
%
net asset value
107.38
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1753744009
currency
EUR

IRIDIUM FLEXIBLE EQUITY

year to date
-5.27
%
net asset value
138.58
risk scale
6
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1244564792
currency
EUR

ALBA GLOBAL DYNAMIC

year to date
-3.06
%
net asset value
111.31
risk scale
5
/
7
Details
legal form
Andorran law SICAV
country
Andorra
ISIN
0154-01 AFA
currency
EUR

ARMONY AGECA

year to date
-1.07
%
net asset value
123.71
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1388853720
currency
EUR

IRIDIUM BALANCED PORTFOLIO

year to date
-2.37
%
net asset value
128.63
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)