Model Portfolio (weights) – June 2022
In the tables below we present the allocation of model portfolios as voted by our investment committee in June 2022.
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Investment Committee – June 2022
Diversification is actually what we call conditional correlation. This is more evident this year, with some asset bubbles deflating, led by bonds. Debt/equity and debt/GDP ratios are coming higher despite the numerator remaining constant, because of stock prices and growth struggling.
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Model Portfolio (weights) – May 2022
In the tables below we present the allocation of model portfolios as voted by our investment committee in May 2022.
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Investment Committee – May 2022
COVID and the Ukraine/Russia conflict are being accused of the recent spike in global inflation. This debate cannot exclude equal blame for the previous years’ excessive money printing and debt creation. Inflation distorts asset prices and given the excessive amount of paper-wealth as opposed to real wealth, rotation from one to the other (for example, from technology stocks to commodities) has this year become a game of musical chairs.
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Is the Fed behind the curve?
FOMC is expected to raise interest rates by half a percentage point at tomorrow’s meeting (the futures market implies this with 99.8% certainty).
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Inheritance tax exemption on joint accounts held abroad
The exemption from the inheritance tax of the joint accounts located abroad is provided by the provision of law L. 4916/2022 that was recently passed by the Parliament. The tax exemption includes all cash deposits and investment products held in them.
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Model Portfolios (EUR) – April 2022
In the tables below we present the allocation of model portfolios as voted by our investment committee in April 2022.
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Investment Committee – April 2022
The Committee noted the upcoming Easter holidays that usually work as a volatility absorber from the markets and it discussed how bonds may be appealing as a tactical trade after their March sell-off.
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Onwards and upwards or temporary euphoria?
We believe taming inflation has become a principal target for the US Federal Reserve. The Administration has just released one third of its Strategic Petroleum Reserve (approximately 180 million barrels) to restrain oil prices and US strategic reserves now stand at their lowest level since 1984. The exact plan is to release 1 million barrels of oil per day over a period of the next six months.
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