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FIMARGE Funds and SICAVs

INSTRUMENTS

Monthly comment (May 2023)


When it seemed that no more rate hikes were coming, strong employment data together with core inflation of 5.5% (well above a level that is comfortable for the FED) put the debate back on the table. In fact, even though the members of the Fed have divergent opinions on whether maintaining or raising rates, the market is already pricing in rate cuts of -50bp in September/October. In Europe, Christine Lagarde is clear: "Rate rates will be raised to sufficiently restrictive levels and will remain there for as long as necessary." This could lead to a cooling of the economy. That is why we think it is differential to have leaders in niche markets, because they can steal more market share when things get complicated. With the earnings season now over, we can say that the companies’ results in the portfolio have been clearly satisfactory across the board, which is the key to future value creation.

FIMARGE BALANCED PORTFOLIO FUND - CLASS I

year to date
4.72
%
net asset value
99.67
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
4.48
%
net asset value
97.25
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1753744009
currency
EUR

FIMARGE INTERNATIONAL EQUITY FUND - CLASS A

year to date
8.44
%
net asset value
102.49
risk scale
6
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU2474268096
currency
EUR

IRIDIUM FLEXIBLE EQUITY

year to date
8.00
%
net asset value
117.24
risk scale
6
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1244564792
currency
EUR

ALBA GLOBAL DYNAMIC

year to date
4.06
%
net asset value
95.99
risk scale
5
/
7
Details
legal form
Andorran law SICAV
country
Andorra
ISIN
0154-01 AFA
currency
EUR

ARMONY AGECA

year to date
7.44
%
net asset value
114.13
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1388853720
currency
EUR

IRIDIUM BALANCED PORTFOLIO

year to date
4.08
%
net asset value
115.02
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)