November General Markets Comments

by Pierre Mouton

November General Markets Comments

“The Lifeboat Party” – Kid Creole and the Coconuts, 1983.

During tumultuous times, high grade Government bonds are often considered as the lifeboat for investors, who can park their money there, waiting for better days to arise, or simply because they expect more dovish monetary policies down the road, which would push yields down and, hence, prop up fixed-income prices.

November 2023 has clearly responded to this logic, with both arguments validated: after two horrendous months for equities, there was a need for safer havens on the one hand, and, on the other hand, slowing inflation and cooling economic statistics buoyed the idea that Central Banks (and especially the Fed) were done raising rates, and that cuts might come sooner than expected.

The strength of the rebound  in November has been spectacular; the fixed-income lifeboat party has dragged all assets in its wake, from equities, to credit and Gold.

The MSCI World has gained 9.2%, the S&P 500 8.9%, the Stoxx 600 6.5%, the MSCI Emerging Markets 7.9%, and the Topix 5.4%. In the context of falling yields (-60 basis points for the US 10 year and -36 for the German Bund), Growth has, again, dominated with a 11.1% rise for the MSCI World Growth versus +7.1% for the MSCI World Value. On a year to date basis, the performance gap is immense (+30.2% versus +3.3%). It is noticeable that the “fear gauge”, in other words the VIX Index, has cratered by almost 29% in November, and is now down more than 40% for 2023.

As said, Gold glittered and gained 2.7%, quite a normal feat when yields fall, and the dollar receded versus all currencies.

“This party is in honour of the will to survive” says Kid in his 1983 hit; although there are chances that December remains quiet, we can wonder who’s gonna survive in 2024, to either an economic downturn, or a renewed rout of rising rates if the economy holds better than expected. Something will have to give.





Past performance is not indicative of future results. The views, strategies and financial instruments described in this document may not be suitable for all investors. Opinions expressed are current opinions as of date(s) appearing in this material only. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. NS PARTNERS SA provides no warranty and makes no representation of any kind whatsoever regarding the accuracy and completeness of any data, including financial market data or other financial instruments referred to in this general comment. This document does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Any reference in this document to specific securities and issuers are for illustrative purposes only, and should not be interpreted as recommendations to purchase or sell those securities. References in this document to investment funds that have not been registered with the FINMA cannot be distributed in or from Switzerland except to certain categories of eligible investors. Some of the entities of the NS Partners Group or its clients may hold a position in the financial instruments of any issuer discussed herein, or act as advisor to any such issuer. Additional information is available on request. © NS Partners Group

Return to listing
back to
the top
Antonio Mira

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

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

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’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

Add Your Heading Text Here

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.

Your browser is not supported. Please use another browser.