True Magma manages its own Active Management Certificates, known as AMC TM Balanced USD Strategy and AMC TM Multistrategy USD
AMC TM Balanced USD Strategy:
The objective of the strategy is to invest in a balanced portfolio of investment-grade bonds, while simultaneously seeking growth opportunities in line with the different stages of the economic cycle.
AMC TM Multistrategy USD:
The objective of the strategy is to invest in equities, particularly income-generating and value companies, as well as sector funds and trackers that are suited to prevailing market conditions.
Financial Markets Events of the Month (August)
The Secretary of the Treasury announces a daily $4 trillion in buybacks of its own bonds for maturities over 20 years, using the Government’s current account, which is around $1 trillion. Everything indicates that the government is intervening in the bond market to control the prices. It seems clear that the message is that the Administration wants lower interest rates for these terms.
The official 2026 first-half earnings season is over. S&P 500 companies delivered spectacular results, with earnings up 40.6% and sales up 14.1% compared to last year, with 83.9% beating earnings expectations and 76.9% exceeding sales expectations. The best sectors were: Oil and Energy with results up 142%; Computers and Technology 96.4%; and Materials 52.3%. For the next quarter, growth of 22.7% in results and 11% in sales is expected. These impressive company results should have been followed by multiple expansions (currently 19.4X, but below the 18-month average of 21.1X). So, we would have expected a better stock market performance, which may happen in the coming months.
The pharmaceutical “Moderna” reported fantastic results on a cancer vaccine, specifically for melanoma. But once developed, it could be applied to other types of cancer. The stock rose 170%. All of this is due to the speed of testing with the help of artificial intelligence, which is helping biotech companies to produce new drugs much faster. It seems to us that we are just at the beginning of a big growth in new drugs, and that’s why we believe that we should increase our investment in biotech company funds and ETFs.
Europe:
In the Eurozone, it’s worth highlighting the improvement in the industrial index (PMI – July), which was 51.9 vs 51.4 in June. Values above 50 indicate economic expansion. Also, in Germany (the European economic engine), the business sentiment index rose in August (88.8) compared to July. Companies are currently more comfortable with their situation and order books, revising their expectations upwards. Analysts have raised their performance forecasts for European stock markets.
10-year interest rates in Europe rose again in August by 17bps, which implies a depreciation of European bonds of about 1.19% for the month and -0.8% in the US. As for the stock market, the Eurostoxx 600 saw a slight increase of 0.29%. Although, the MSCI World index rose 2.48% during the month.
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Licensed and regulated wealth manager in Switzerland
Founded in 2010, it operates under authorisation from FINMA, the Swiss Financial Market Supervisory Authority, for the activity of wealth management.