The Nasdaq Composite ended the month down -8.73% and in EUR terms -12.11%. We had a negative performance in December of -5.30%.

Markets closed December in line with previous months, higher yields and lower equity prices.

As the Year 2022 ended, we would like to focus on a general returns overview. The Nasdaq Composite had a negative return of -33.10% and -28.88% in Euro terms. In the November newsletter we have mentioned an ETF tracking the the Solactive Innovative Technologies Index, which in 2022 returned -42.33%. As previously mentioned, one of the main objectives of our Secular Growth Portfolio stocks, it is to have no exposure to Tech Mega Caps. The Bloomberg NYFANG+ Index had a negative performance of -40.07%. The Multi-Thematic closed the year with a negative return of -18.50%.

We rebalance on a quarterly basis and looking at Volatility, the Nasdaq Composite 120 days Historical Volatility has been 30% in 2022 while the Multi Thematic has been contained to 17.6%.

Drawing a line on 2022 it emerges that passive investing, on the themes we invest on, did deliver a substantial underperformance. The Multi Thematic has managed to contain both losses and volatility. We believe that our multi factor model equally weighted investment approach based mainly on fundamental analysis, no exposure to mega caps, low volatility and hedging can provide a compelling investment proposition.





DISCLAIMER: Past performance is not an indicator or a guarantee of future performance.
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