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Performance Q1 2022

Dear Client,

Please find below the performance of our US Equities analysis and researches for Q1 2022.


The performance is the result of an accurate selection of Cyclical and Interest Rate sensitive US equities that allowed us to outperform the benchmark (S&P 500 TR) during the first 3 months of 2022, benefiting from the rise in the industrial, material and consumer cyclical sectors.


We have started 2022 with a mild exposure of our analysis towards the energy, financial and technology sector given, in our opinion, the high prices of these type of equities. In March 2022, we have started to review few Technology and Consumer Discretionary equities which we think are better set for medium-long term positive performance.

For the second quarter, we will also look at the Chinese market by analysing and researching selected ETFs that can give exposure to this economy.

In 2022 we rolled out our service of analysis and research of European equities.

The YTD and 1-Year performance are both well above the benchmark confirming the quality and accuracy of our analysis and researches .



Macro-economic comment

The start of 2022 has been challenging for financial markets given the negative YTD performance: we expect volatility to stay through out the whole year benefiting active strategies in comparison to more defensive ones* (see appendix).


U.S. Markets

We see opportunities in the Consumer Discretionary and Technology: the first months of the year allowed many stocks to retrace to interesting levels allowing investors to step in at more interesting prices. Value stocks continue to remain in focus however we believe investors need to operate with cautions given the high levels.


European Markets

Given the scenario of higher interest rates, we believe financial and industrial sectors will continue to remain in focus. In addition, the hospitality and luxury sector as a whole are experiencing interesting price actions: especially the latter, by being more exclusive could be a good pick against rising prices and weaker demand.


Chinese Markets

Following the negative performance of 2021, we have started to look more in depth into Chinese equities. From a macro-economic perspective this market is very interesting: the economy is fixing a real estate chaos and has mega-cap companies at affordable P/E ratios. We believe that the recent geopolitical events in Easter Europe will benefit China in the long run, more than any other country. We see the light at the end of the tunnel but we are seeking price confirmations first.





Please get in touch with Francesco Bergamini for more information







Francesco Bergamini

OTB Global Investments Research LTD

+44 (0) 7341601789

f.bergamini@otbglobalinvestments.com




Appendix


* Current composition as of 31 March 2022



Disclaimer


This document has been produced by OTB Global Investments Research LTD exclusively for its clients. The information and opinions contained in this document are based on sources believed to be reliable. The origin of this information and the fact that it is information already disclosed to the public has been the subject of all reasonable checks by OTB Global Investments Research LTD however, despite the aforementioned checks, it cannot guarantee in any way nor will it in any way case be held responsible if the information provided to it, reproduced in this document, or on the basis of which this document was drawn up, turns out to be inaccurate, complete, truthful or incorrect. The document is provided for informational purposes only; it does not constitute a proposal contractual, offer or solicitation for the purchase and / or sale of financial instruments or, in general, for investment, nor does it constitute investment advice. OTB Global Investments Research LTD does not provide any guarantee that any forecast and / or estimate contained in the document itself will be achieved. The reproduction and / or redistribution to third parties, in whole or in part, directly or indirectly, of this document is prohibited, unless expressly authorized by OTB Global Investments Research LTD.



OTB Global Investments Research LTD, 167-169 Great Portland Street, London, W1W 5PF, United Kingdom. Company no. 13791102

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