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)
USA
The US economy continues to perform well despite high oil prices and the continuous rise in interest rates. The economy generated 162,000 new jobs, well above analysts’ expectations (around 55,000). Unemployment is now at 4.1%, considered full employment. The ‘Chicago PMI’ economic activity index for September was also released, rising from 47 to 58.8,confirming the economy’s strong momentum.
Despite several warnings from Sam Altman (CEO of OpenAI), Dario Amodei (CEO of Anthropic), and Elon Musk (CEO of Tesla, SpaceX, and X) that it is necessary to slow down the development of Artificial Intelligence, the truth is that no one wants to be left behind in the race for the biggest technological revolution of ever. So, thistechnology shows no signs of slowing down and could strongly benefit most companies, boosting economic growth to levels above 3%
Companies are about to present their third-quarter results,investors are expecting one other significant growth results of 23%. Actually, investors remain optimistic about companies performance, and if it materializes, the stock market should continue to perform well.
The 10-year interest rates continued animpressive rise and are now at levels seen in 2007-2008 during the global “financial crisis,”having reached 5.30% compared to 4.71% last month.This increased caused a depreciation in bonds of about 3.5%, which also acted as a “brake” on the stock market, which fell 1.45% (MSCI – World).Everything indicates that this indicator is in a phase of stabilization, since over 40 years (1985-2025) the average spread compared to the FED’s reference ratewas 120 basis points. In 2025, this indicator varied between 25 and 75 basis points. Today that spread is 1.30%, so it seems we are in a normalization phase andthe adjustment should be nearing its end.
The Federal Reserve raised itskey interest rates by 0.25% (from 3.75% to 4%) for the first time since 2023. The move maintains the institution’s independence and reaffirms its goal of bringing inflation back to 2%. Another hike in the key rates is expected as soon as October. The Fed expects inflation to be 3.7% this year, but to drop to 2.3% by 2027. Meanwhile, the PCE inflation index for September came in at 3.4% versus 3,7% expected, suggesting that this indicator is heading in the right direction.
EUROPE
The German industry saw an order growth of 2.5%, above the market’s expectation which was 0.3%, marking the third consecutive month of growth for this indicator, with particular highlights orders forshipbuilding, trains, and airplanes.
In the second quarter of the year, the eurozone showed economic growth aboveexpectations at 0.6% compared to the 0.4% expected.
In Europe, the benchmark interest rates for 10-year bonds closed at 3.64%, also historically high, having risen 0.36% over the month, which caused a depreciation in bonds of around 2.5%, impacting defensive portfolios. This increase in bond yields is global and is due mainly to inflation issues (driven by rising energy prices).
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Founded in 2010, it operates under authorisation from FINMA, the Swiss Financial Market Supervisory Authority, for the activity of wealth management.