Investment

Investment Review Q4 2018

by James Macpherson

2018 was a brutal year for financial assets. A chart issued by Morgan Stanley shows all 17 major asset classes down for the year. Fixed income and equities in both Developed and Emerging Markets, and Commodities all fell. The indices disguise the true extent of the damage. The index heavy weights held up relatively well, while many smaller stocks were ravaged, but the year was epitomised by the 60% fall of General Electric, perhaps the most iconic company of the twentieth century. This performance was the more surprising as the US achieved strong economic growth and companies’ earnings growth were further boosted by the tax cut. It is unusual that equities decline when the US is doing well, or that bonds and equities decline together. The final quarter saw the stock market fall at its most intense. This seemed odd. If one had been told on 1st October that over the next three months the Federal Reserve would indicate a lower trajectory of interest rate rises, that the oil price would drop 40%, and that there would be less confrontational news on the US-China friction and the Italian budget stand-off, one would not have anticipated such a plunge. By year end the World Index had fallen 10.44%, while the US index fell 6.24%, of which 9.18% was in December alone, and China had fallen 24.59%. The yield on the US 10-year bond rose from 2.40% to 2.68% during the year. Bitcoin which was at the centre of speculation a year ago fell 75%.

What has caused this upheaval?

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Antonio Mira
CHIEF FINANCIAL OFFICER, MEMBER OF THE EXECUTIVE COMMITTEE

Antonio Mira joined NS Partners in 2006 as Group Chief Financial Officer. He heads the corporate functions and is involved in coordinating and implementing the decisions of the Executive Committee.
An experienced bank auditor, Antonio started his career in 1995 with Arthur Andersen, where he worked for some 7 years before joining Ernst & Young in 2002 as a Senior Manager.
Antonio is a Swiss chartered accountant and a Business graduate of Lausanne University (HEC).

Sébastien Poiret
DEPUTY HEAD OF WEALTH MANAGEMENT

Sébastien Poiret joined NS Partners in 2008 and manages funds of hedge funds and private client mandates. He also oversees the development of the Group’s offices in Mauritius.

Prior to joining NS Partners, he served as a Trader, Head of Manager research and Portfolio Manager in the USA and Switzerland for a single hedge fund (1998-2004) and for Optimal (2004-2008), Grupo Santander’s fund-of-hedge funds operations.

Sébastien holds a Bachelor’s degree in Corporate Finance from the ESPEME Business School (EDHEC Group) and an MBA in Finance and Economics from the Institute of Business Administration, both in Nice.

Abir Oreibi
BOARD DIRECTOR

Abir Oreibi joined the Board of the NS Partners Group in 2018, where she brings her truly international perspective and rich experience.
Among many other ventures, Abir set up Alibaba.com’s first European office. After living and working in Shanghai, Hong Kong, Bangkok and London, she now lives in Geneva, where she is CEO of Lift Events, an organization that identifies technology trends, their business and social impact through the organization of events and open innovation programs. Issues related to the challenges and opportunities created by new technologies as well as the strategic responses from organizations are at the heart of Lift’s activities.
Abir holds a BA in Political Sciences from the University of Geneva. She is an investor, and member of advisory and innovation boards.

Romain Pidoux, CAIA

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Romain Pidoux joined NS Partners in 2011 and heads the Group’s Risk Management.
He started his financial career in 2005 as Head of Quantitative Analysis for a Swiss Family Office, selecting funds and managing portfolio allocation. In 2008, he switched to the alternative world and joined Peak Partners as hedge funds analyst.
He is a Chartered Alternative Investment Analyst (CAIA) and holds a Master’s degree in international relations from the Graduate Institute of International Studies at Geneva University.

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