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- 15 okt.Q3 Review
- 17 aug.Chinese crackdowns
- 22 jul.Vector 2021 Semi-Annual Review
- 25 jun.Why we still like value
- 25 mei'Transitory' Inflation
- 22 apr.Reversal to the mean?
- 17 mrt.Vector's take on sustainable finance
- 09 mrt.Sustainability-related disclosures in the financial services sector (SFDR)
- 19 feb.David versus Goliath: An analysis of 2020 stock market performance
- 30 dec.Vector 2020 Annual Review
- 20 nov.Factor momentum
- 20 okt.How will the US elections influence your portfolio?
- 25 sep.Are better times for quant investing on the horizon?
- 26 aug.Fama/French going through its biggest drawdown since 1963
- 17 jul.Vector 2020 Semi-Annual Review
- 25 jun.A Look At Post-Corona Market Valuations
- 25 meiUnprecedented times call for unprecedented measures...
- 23 apr.Vector's outlook on the Corona Crisis
- 13 mrt.Market correction: sense or sentiment?
- 17 feb.The market and sector concentration
- 14 jan.Notice to shareholders
- 31 dec.Vector 2019 Annual Review
- 17 dec.Fama/French going through its second biggest drawdown since 1963
- 15 nov.The Alpha Lifecycle
- 16 okt.Vector 2019 Q3 Review
- 10 sep.A new prospectus
- 14 aug.Market Review: July
- 10 jul.Vector 2019 Semi-annual Review
- 14 jun.Are factor premia disappearing?
- 21 meiHow persistent is regional outperformance?
- 12 apr.Market recovery: sense or sentiment?
- 12 mrt.Markets solidify recovery
- 12 feb.Stock Markets Rebound
- 31 dec.Vector 2018 Annual Review
- 14 dec.2019 (outrageous) predictions!
- 20 aug.Temperatures and stock markets heat up
- 18 jul.Vector 2018 Semi-annual Review
- 14 jun.Do exporters suffer during trade wars?
- 15 meiStrong earnings put markets on the road to recovery
- 17 apr.Q1 Overview
- 13 mrt.Stock Markets: Episode VI: The return of volatility
- 02 mrt.Vector wins Morningstar Germany and Belgium Awards!
- 22 feb.Vector Flexible wins De Tijd/L'Echo Awards for the third year in a row!
- 16 feb.Navigator wins Morningstar France Award!
Market Review: July
14 aug. 2019
The MSCI All Countries index gained about 2.6% in July, masking the fact that in local currency most markets had rather muted returns. Returns in the USA (+1.5%), Europe (+0.3%) and Emerging Markets (-0.9%) were much less impressive when denominated in local currency. Clearly, the lion’s share of this return, which was expressed in Euro, came from forex effects, as the USD appreciated significantly against the Euro and most other major currencies.
Perhaps markets had expected more from the Federal Reserve. While the Fed lowered interest rates for the first time in eleven years, Powell also gave clear signals that the cut should not be seen as the start of another lengthy monetary stimulus package. In Europe monetary policy also dominated the news as the Governing Council implied that investors could see more stimulus in the future in the form of further interest rate cuts or asset purchasing programs.
Vector Navigator (+3.0%) and Flexible (+1.1%) performed a little better than their respective benchmarks during the month.
Nils, Thierry & Werner