Jacques Berghmans' letter - 3rd quarter 2019

The summer has generally been a good period for the global stock market despite the constant noise on trade wars and a potential economic recession. The good performance of the overall stock market hides an important discrepancy though between emerging markets and the rest of the world, as emerging markets are still below the early 2018 peak and barely above the 2015 peak. The major reason behind this discrepancy is the excellent performance of the US stock market driven by a strong economy, corporate tax reductions and particularly a strong consumer sector.

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3Q19 Manager's Letter JB.pdf

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