WEALTH MANAGEMENT ACROSS GENERATIONS
Provide the best investment service to each of our investors. Consolidate a personalised, dedicated investment solution that delivers fruitful results and long-term sustainable value.
To be a benchmark in personalised financial solutions, combining clear information, innovation and ethics to generate sustainable value and guide investors with confidence.
José Dias Coelho
With over 35 years of experience in International Private Banking and financial investments, he worked at UBP, Millennium Banque Privée, and Millennium Investment Banking.
Pedro Santos
With more than 25 years of experience in investment banking and asset management, and worked at Millennium BCP and Banco Espírito Santo.
Jean Louis Scenini
A legal professional with over 25 years of experience in risk management and compliance.
01
Asset Allocation02
Markets03
Expectations04
Banking PlatformServices
Our core activity is asset management. We are committed to generating value for our clients while simultaneously ensuring liquidity and regular income. Together with the banks we have selected and with whom we have established strong partnerships, we also provide banking services, namely through credit and debit cards.
Based on an Open Architecture model, we have access to a wide range of assets and asset classes, including:
• Deposits, bonds and equities
• Equity indices
We adopt a management approach focused on the medium and long term (between 3 and 5 years), favouring balanced investment strategies.
Our objective is to combine the regular receipt of interest and dividends with sustained growth through capital gains.
Our identity leads us to value and prioritise Portuguese-speaking countries and communities.
The performance expectations associated with each investment strategy essentially depend on two variables:
• Investment horizon: a three-year time frame is generally the most suitable to benefit from positive market trends.
• Investor risk profile: although our investment approach typically favours prudence, higher-risk strategies may be considered for clients with that profile.
Clients can rely on ongoing monitoring and a service of excellence, in line with international best practices. Regular meetings are not only recommended but also essential to ensure a relationship of trust and a high level of comfort.
It should, however, be noted that past performance is not a guarantee of future returns.
Clients may use our custodian banks in Switzerland. True Magma maintains agreements with several banking institutions and, as is standard practice, does not directly hold any of its clients’ funds or assets.
All assets and monetary values are registered in the client’s name, in an account opened with the custodian bank of their choice.
True Magma ensures close monitoring, regularly sending account statements and detailed analyses of each client’s investment portfolio.
With the support of specialised partners, with whom we have collaborated for many years and whose reliability is well proven, we offer our investors a set of complementary services, including:
• Succession planning
• Tax reporting
• Investment analysis and advisory
• Support in risk management in the areas of AML & CFT (Anti-Money Laundering & Countering the Financing of Terrorism)
Because we believe in long-lasting and transparent relationships, joint growth is and will continue to be our guiding principle.
Last month market overview
1) The USA and Israel attacked Iran, causing high military instability in neighboring Middle Eastern countries. Thus, Saudi Arabia; UAE; Oman; Abu Dhabi; Qatar; and the West Bank were involved in the conflict. Therefore, we had:
a. the worst stock market performance since 2022 (Russia-Ukraine war);
b. in the stock market, the MSCI World (global world index) fell 6.55%; the S&P adjusted 5.38%; Stoxx Europe 600 dropped 8%; the Dax slipped 10.30%; and the Nikkei 225 declined 13.23%;
c. in the bond market, U.S. government T-notes fell 2.1%; in Europe the bonds declined 1.5%, and high-yield bonds fell 4.8% (on average);
d. precious metals also adjusted, gold fell 11.72% and silver 16.3%. Copper also fell 6.06%;
e. on the opposite side, oil and gas rose around 50%, which due to their importance in economies caused an average inflation increase of 0.3% in economies;
f) market volatility jumped 27% during the month, standing close to 30%, revealing high levels of stress among investors.
2) However, these geopolitical events, by themselves, are not signs of economic weakness. In the USA, the most recent data continues to show that consumer demand, business investments, and profit growth are holding up reasonably well. In Europe, industrial production expanded in March, which demonstrates the resilience of the economy. That is, up to now, the effects of the war have not yet had significant impacts on the economy.
3) Even so, if oil prices soar sharply from the levels of 100 USD and remain high for a prolonged period, the risk of economic damage increases. But that is not the same as saying that the economies are already in decline.
4) Our best analysis is that the markets reacted to uncertainty while the underlying economic outlook remains more resilient than the news suggests. If that is the case, the real advantage for investors is to keep focusing on economic data, and not just on how the markets are reacting in the short term.
Market overview (January)
Eurozone inflation eased to 2.0% in December, meeting the ECB’s target, while GDP grew 0.3% in Q4 2025, bringing full-year growth to 1.5%. The EU also reached trade agreements with Mercosur and India, supporting the economic outlook.
In the US, headline inflation remained at 2.7% in December and core inflation slowed to 2.6%, leading markets to expect two rate cuts in 2026. Q3 GDP showed strong annualised growth of 4.3%. Markets were volatile, with equities up 1.5% and bonds down 0.7%. The Q4 earnings season is underway, with most reporting companies beating profit and revenue expectations.
Contacts
Schanzeneggstrasse 3,
CH – 8002 Zürich – Switzerland
Phone: +41 44 734 04 00
welcome@truemagma.ch
Its ability to retain heat enables the production of geothermal energy, a renewable and long-lasting source. In addition, it gives rise to essential minerals used in industry, construction and metalworking. It also enriches soils, increasing agricultural productivity, and the volcanic landscapes it creates attract tourism, boosting local economies.
True Magma © 2026
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.