Category: Special comment
By Quirien Lemey, Senior Fund Manager Global Equities at DECALIA For the past two years, global equity markets have been largely driven by a handful of large-cap technology stocks. This concentration has been fuelled by the rise of artificial intelligence, but it now raises a key question for investors: where will the next drivers of […]
By Quirien Lemey, Co-Lead PM for DECALIA Sustainable Society strategy We have seen the market increasingly worry about a potential AI bubble, and hence seen some violent moves in the past few weeks. Even stellar results from Nvidia, their largest and cleanest beat in a while, didn’t change the narrative. Moreover, more than half of […]
By Quirien Lemey, CFA, Co-Lead PM for DECALIA SOCIETY strategy Key points The Flywheel effect In these times of great macroeconomic and geopolitical volatility, focussing on company fundamentals serves not just as a welcome respite, but also, and more importantly, as the path to solid long-term portfolio returns. In particular, we would like to address […]
By Alexander Roose, Head of Equities and Portfolio Manager for DECALIA Sustainable SOCIETY strategy Key takeaways 2024 : An exceptional vintage As we enter the final weeks of 2024 and assuming nothing derails the “picture”, it goes without saying it has been especially a good vintage for US equity markets, with the S&P500 up a […]
By Alexander Roose, Head of Equities and Portfolio Manager for DECALIA Sustainable strategy Market Environment While the final weeks of the first quarter exhibited improved market breadth, the second quarter saw a sharp reversal of that trend. The bellwether S&P500 index clinched a 5% total return (in EUR) during the quarter but the equivalent S&P500 […]
By Quirien Lemey, Co-lead Portfolio Manager for DECALIA Sustainable strategy Software and the state of AI We wanted to provide an update on the current state of the software sector and the significant impact of AI-related spending. In light of recent meetings with various software companies, it’s become evident that the industry is encountering some […]
The investment theme focusing on Aging Populations is stronger than ever. Barron’s, The Economist, Netflix, seem to agree with us. Dive into DECALIA’s expertise. Details? Just ask. More Americans Are Working Into Their 80s. What’s Keeping Them in the Workforce. As the baby boomers age, it’s becoming more common for people to remain employed into […]
•Novo Nordisk’s “SELECT” study released ground-breaking results last week. •The study demonstrated that Wegovy, a GLP-1 anti-obesity drug, reduces severe cardiovascular risk by 20% for non-diabetic obese patients. •This was seen as a best-case scenario, boosting confidence in Novo and Eli Lilly in particular as it paves the way for public and private payer coverage, […]
On inflation there has recently been a mea culpa by some major central banks. In the current economic situation, which indicators (including unconventional ones) can be considered most valid for predicting inflation? “Prediction is very difficult, especially if it’s about the future!” (Niels Bohr) and even more for inflation nowadays. Like many other key variables, […]
The current market conditions present a compelling case for increasing Small- and Mid-cap allocation. These stocks have recently underperformed larger peers by a significant margin, potentially indicating that a recession is already priced in. Moreover, their attractive valuation ratios, coupled with their historical tendency to outperform early in the economic cycle after central banks have […]
