June was marked by a shift in the energy markets and a significant sector rotation in the equity markets. After months of intense tensions, there were significant advances in the negotiations between Iran and the United States, which partially eased geopolitical tensions and resulted in...

The month was marked by a V-shaped rebound in the stock markets—the fastest recovery following a drop of more than 8% in the past 50 years. After a quarter dominated by fears of stagflation and the most severe disruption to oil supplies in history, the major indices recovered...

The month ended amid expectations that the conflict between Iran and the United States would soon come to an end. In recent days, the Trump administration indicated that the United States could withdraw from Iran within the next two or three weeks, even without an agreement having been reached between the two sides. The market reacted...

February was marked by high market volatility, against a backdrop of geopolitical conflicts and changes in trade policy. U.S. stock markets showed mixed results: the S&P 500 posted a return of -0.76%, the Dow Jones rose 0.31%, while the Nasdaq...

2026 began on a constructive note for the markets, although accompanied by occasional episodes of volatility linked to geopolitical factors and changing monetary policy expectations. In the United States, equities started the year with positive results: the S&P 500 recorded a total return of +1.44%, the Dow Jones advanced +1.80%, while the Nasdaq Composite accumulated a gain of +0.97% during the month...

During December, the balanced portfolio recorded a return of +1.04%, closing 2025 with a cumulative gain of +12.48%. The month's performance was supported by a recovery in themes that had shown weakness in previous months, notably global defense, as well as by the strong performance of the financial sector and the eurozone. In contrast, sectors...