The SICAV's goal is to generate capital growth in the long term through investment of up to 75% in international equity securities traded in organized markets. The equity exposure depends on the market outlook and the rest is invested in fixed income and money market assets. Armony AGECA fund may invest indirectly through other UCITs.
With nearly 60% of companies having reported earnings during the month and 85% beating earnings expectations, stocks once again hit record highs during the month of July despite a resurgence of COVID-19 cases. Inflation also continued to climb, but it haven’t caused the central banks to change course just yet: moving closer to tapering. Unlike previous quarters, Healthcare led all sectors to start 3Q21, while Financials and Energy closed the month down. It should be noted, though, that Energy stocks remain the market leaders on a YTD basis. as for the fixed income side, Treasury yields slumped to lows last seen in February. Such a sharp decline in yields would normally imply a downgrade to the growth outlook. However, we see the current level of yields as inconsistent given the strength of the recovery, at least in US. For the Euro area seems that interest rates will remain negative for a very long time, and fiscal policy instead of monetary policy should be put in place to break out of the low growth and infation environment.
prices updated on
Aug 9, 2022 2:00
Investment in traditional assets (up to 75% in equity)
The investments in FIMARGE, SFI are protected by the Andorran Investment Guarantee System (SAGI), with a protection limit of EUR 100,000 per investor and per credit institution or investment institution. This limit is subjected to the maximum coverage level of SAGI established in Article 20(2) of Law 20/2018 of 13 September on the regulation of Andorran deposit guarantee fund and the Andorran investment guarantee system.
Management Commission of the Andorran Investment Guarantee System (SAGI)