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15/05/2025

Monthly commentary April 2025

Popso (Suisse) Investment Fund SICAV

Macro and Asset Allocation

 

USA

In the US, the ISM Services index was released at 51.6, higher than expected and in contrast to the manufacturing sector (below 50). Of particular note was the paid prices component of the ISM Services, which rose to 65.1 (highest since 2023), fuelling concerns about inflationary pressures. The trade deficit remained high due to a surge in imports (+5.0%), however, with many companies anticipating purchases before the new tariffs took effect. Initial claims for unemployment benefits fell to 228,000, highlighting a still robust labour market. Q1 GDP declined slightly to -0.3% qoq, but with robust consumption, strong imports depressing growth and a rising Core PCE (inflation). After a series of markedly negative regional Fed district surveys, ISM Manufacturing appears down, but less than expected at 48.7 (previous month 49.0), with new orders at 47.2, also down.

 

EUROZONE and SWITZERLAND

In the Eurozone, the Services PMI was published, falling to 50.1 (from 51.0 in March), marking the lowest reading since November 2024. The Composite PMI fell to 50.4 (from 50.9), indicating slowing economic growth. The New Orders figure at 49.1 showed a contraction (eleventh consecutive month). PPI published, down -1.4% MoM and up 2.5% YoY. Q1 GDP growth in Europe exceeded expectations with +0.4% YoY, partly positively influenced by the strong Irish figure, which is volatile and often revised. HCOB's Manufacturing PMI came in at 49.0 versus expectations at 48.7. Watch out, however, for April's CPI Core rising at +2.7% YoY (expectations at +2.5%)

 

ASIA

In China published the services PMI (Caixin) down to 50.7 (from 51.9 in March), registering the lowest value since September 2024 and below expectations (51.8). The composite PMI dropped to 51.1 (from 51.8). The weakening Chinese macro picture, combined with expectations of export contraction due to tariffs, raises concerns about China's ability to meet its growth targets.

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22/04/2025

Monthly commentary March 2025

Popso (Suisse) Investment Fund SICAV

Macro and Asset Allocation

 

USA

 

In the U.S., preliminary aggregate PMIs (as measured by S&P) were better than expected (53.5 vs. 50.9) and well above the watershed level between economic expansion and contraction (50). The improvement was mainly due to a sharp rebound in services. Meanwhile, however, consumer confidence (both Conference Board and U. of Michigan) continued its decline. Americans are primarily concerned about economic uncertainty in the near future, inflation (which is expected to rise sharply) and the labor market. The "soft" data show strong concern but the "hard" data were more benign: personal incomes increase more than expected, personal spending rebounds from the previous month, and labor market data are in line with expectations. The labor market is still solid (unemployment at 4.2 percent) and orders to industry were higher than expected. However, these data refer to the period just ended and do not fully include the effects of the recently announced tariffs.

 

EUROZONE and SWITZERLAND

 

In Europe, the improvement in leading indicators of economic activity continues: manufacturing PMIs are still improving (although they are still at a level that predicts slight manufacturing contraction) while, at the aggregate level, the economy continues improve and is slight expansion driven by services. Economic expectations (as measured by the IFO) are improving in Germany while inflation in the major economies (France, Germany, Italy) is "under control" and in line with the ECB's target. Leading indicators for the Chinese economy are also improving slightly with national composite PMIs at a level consistent with economic expansion (51.4). In the Zone, year-on-year retail sales grew more than expected (2.3% vs. 1.9%) and composite PMIs remain in the economic expansion zone, driven by services. The unemployment rate falls to 6.1% (from 6.2%) and inflation continues to send reassuring signals

 

ASIA

 

In China, PMIs continue to indicate an expanding economy in both the service and manufacturing sectors. Surprising on the positive side was the growth in industrial production, which came in at +5.9 percent against firm expectations of +5.3 percent.

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17/04/2025

Discover the new range now

Marketing communication

In a constantly evolving financial world, the key to success is flexibility, in order to best meet the needs of each investor: this is why we have been constantly renewing ourselves for over 25 years. 

Discover the new range of Popso (Suisse) Investment Fund SICAV investment funds:
• Fixed Income –  For those seeking stability, with investments mainly in bonds
• Strategics – For those who want a dynamic balance of bonds, shares and international currencies
• Equities – For those who focus on growth by investing mainly in shares.

The advantages: 
• Accessibility: access to domestic and international markets in CHF, EUR and USD, even with small amounts 
• Diversification: widely diversified portfolios to reduce risk
• Professionalism: professional and award-winning portfolio management
• Liquidity: redeem your money at any time
• Transparency: we answer all your questions.

Don't miss this opportunity, discover the new range of funds today and give your investments a boost!

 

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30/09/2024
25th anniversary SICAV

Presentation of Roberto Mastromarchi, board member Popso (Suisse) Investment Fund SICAV

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The investment offers no guarantee of return to investors, nor does it ensure full or partial repayment of the amount invested.
The investment may be exposed to substantial risks that are not adequately reflected in the synthetic risk indicator and may adversely affect its performance: these include operational, counterparty, liquidity, credit, derivative and sustainability risks.
Any investment decision should only be made on the basis of the most recent version of the prospectus, KIID and available information.
Past performance is not a guarantee of future results.

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