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FIMARGE Funds and SICAVs

INSTRUMENTS

Monthly comment (Jun 2022)

Another difficult quarter for markets in June, recording theworst first half of the year in developed markets in over 50 years. Not onlyequities and credit saw a tough start, but government bonds also tumbled asinvestors expect interest rates to rise while central banks seek to fightinflation. Recession is around the corner, leading equity valuations todecline. So far this year only commodities and commodity-linked companies areperforming, while the worse returns come from growth stocks, with an aggregateslump of nearly 30%.
Since we're already in full 2Q earnings season, we're monitoringall the companies across our portfolios, and what we see for now is a positiveoutlook based on secular growth, from debt-free stories, and protected margins.That said, market drawdowns plunge multiples even more, so that we see theseprices as a great opportunity to overweight some highly hit names, speciallythrough the quality-growth spectrum.

FIMARGE BALANCED PORTFOLIO FUND - CLASS I

year to date
-9.64
%
net asset value
101.09
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1892387462
currency
EUR

FIMARGE BALANCED PORTFOLIO FUND - CLASS A

year to date
-9.93
%
net asset value
99.07
risk scale
4
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU1753744009
currency
EUR

FIMARGE INTERNATIONAL EQUITY FUND - CLASS A

year to date
8.42
%
net asset value
108.42
risk scale
6
/
7
Details
legal form
Mutual Fund (FCP)
country
Luxembourg
ISIN
LU2474268096
currency
EUR

IRIDIUM FLEXIBLE EQUITY

year to date
-14.68
%
net asset value
124.81
risk scale
6
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1244564792
currency
EUR

ALBA GLOBAL DYNAMIC

year to date
-13.98
%
net asset value
98.77
risk scale
5
/
7
Details
legal form
Andorran law SICAV
country
Andorra
ISIN
0154-01 AFA
currency
EUR

ARMONY AGECA

year to date
-9.63
%
net asset value
113.01
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU1388853720
currency
EUR

IRIDIUM BALANCED PORTFOLIO

year to date
-10.58
%
net asset value
117.81
risk scale
4
/
7
Details
legal form
SICAV UCITS (LUX)
country
Luxembourg
ISIN
LU0792718537
currency
EUR
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Fimarge Societat Financera d’Inversió SA
C/ Bonaventura Armengol, 10
Ed. Montclar Bloc 1, 5è 1a
Andorra la Vella
Nº Registre Societat: 5711
Nº Registre Tributari: A-700866-T
Nº Autorització AFA: SFI-04/95 (20/04/1988)