August 19, 2026

AV Growth Strategy

The AV Growth Strategy is an open-end fund with a strategy focused on long-term capital growth, designed for investors seeking greater appreciation potential and willing to accept higher exposure to equities and market fluctuations. The fund invests primarily in ETFs and mutual funds, maintaining a diversified exposure across different asset classes, with a greater strategic weighting in equities. The portfolio is actively managed, adjusting its exposure and asset allocation in accordance with market conditions and opportunities, with the goal of maximizing long-term capital appreciation. The strategy maintains a long-term investment perspective and seeks to participate in market growth while preserving adequate diversification and disciplined risk management. The fund does not distribute dividends, focusing instead on the appreciation of investments and allowing returns to remain invested to foster cumulative capital growth.
August 18, 2026

Daily commentary

U.S. consumer spending data came in worse than expected, causing a slight pullback in U.S. equities, with the Nasdaq down 0.28% and the S&P 500 down 0.20, along with a rise in interest rates of 2–5 bps in the U.S. and up to 10 bps in Europe. In commodities, crude oil rose 1.5% on average, while metals and agricultural commodities also rose. Venezuela and PDVSA fell 0.1–0.2 points. Trading volume was very limited. Latin American bonds saw declines of 0.25–0.5 points, with spreads moving in line with the drop in Treasuries; Ecuador stood out, rising 0.25 points after S&P upgraded the country’s rating from B– to B.
August 17, 2026

Market Flash

Inflation data temper expectations of a rate hike. Inflation data were the main focus of the week. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 0.1% in July and 3.4% over the past 12 months, in line with the consensus. July marked the second...
August 17, 2026

Daily commentary

Stocks fall as Brent crude tops $90 amid risks in the Middle East. Stocks followed bonds lower amid concerns that high oil prices could fuel inflation, as hopes for an agreement to end the war with Iran dim...
August 11, 2026

Daily commentary

It was a mixed day in the U.S., with the major indices closing slightly lower: the Nasdaq fell 0.6%, the S&P 500 dropped 0.3%, and the Dow Jones declined 0.3%, while Europe (Stoxx 600) rose 0.2% and Asia closed mixed, with the Kospi up 0.7% and the CSI 300 down 0.8% (the Nikkei was flat). In the fixed-income market, we saw a bull...
August 10, 2026

Market Flash

Employment Plunge The monthly jobs report released on Friday showed a loss of 23,000 jobs in July, well below the consensus estimate, which had projected job growth of around 90,000. In addition, the initial estimates for May and June were revised downward by a combined 103,000 jobs. With the latest figures...
August 10, 2026

Daily commentary

The session was dominated by the verbal escalation between Trump and Iran over the Strait of Hormuz. Trump demanded compensation for victims of improvised explosive device attacks and extended the claim to include damage in Lebanon, Syria, Yemen, and Gaza, dampening expectations of a quick agreement to reopen the waterway...
August 7, 2026

Daily commentary

The week wraps up with the U.S. nonfarm payroll report taking center stage, showing that payrolls fell by 23,000 in July compared to the 80,000 the market had expected, following a combined downward revision of 103,000 jobs in May and June. The unemployment rate fell to 4.1%, though this was due to a lower labor force participation rate, and the...