Charles-Henry Monchau

Chief Investment Officer


Entering the last quarter of a historic year


The first nine months of 2022 will be remembered as one of the most challenging periods ever for asset allocators. Forthe first time in history, both equity and fixed income are down more than 10% as at the end of September.


Going forward, the main focus remains on inflation and how central banks are handling the situation, as the end of the bear market looks very much dependent on the timing of the “Fed pivot”.

In the first part of this publication we review the 10 stories to remember from the past quarter, which was characterized by a wide set of declines across most asset classes.

We then share the investment conclusions of our latest tactical asset allocation committee. Overall, we believe that there are still downside risks for the global economy, amplified by antagonist policies. We maintain an “unattractive” stance on equities and a cautious view on both rates and spreads. 2022 seems to mark a turning point in international relations, with major implications for the global economy and financial markets. In the “East-West” focus note, we discuss the macroeconomic and financial implications of a new world order.

In the last section, we present some attractive investment themes to consider in this challenging environment. While our forecasts and views are subject to changes, our commitment to serve our clients is not.

We remain at your full disposal for any specific issues you like to discuss, so please do not hesitate to contact us.



This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

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