Letter to Shareholders: Value Bonds Q1 2013

It continues to be true that ‘you can’t fight the FED.’ Quantitative easing has worked and we are seeing increasing signs that the US recovery is pulling out of soft ground onto a firmer footing.

House prices are coming in strong, employment figures are encouraging and the US stock market is looking good. The wealth effect is feeding through to US households and their higher expenditure is supporting the recovery. Even the ‘fiscal cliff’ has turned into a less ominous-sounding ‘sequester’, involving budget cuts to particular categories of federal spending. The ‘sequester’ came into effect at end March and could represent a short-term setback. But the overall policy of ‘kicking the can down the road’ is sensible. Aggressive tightening would not be advisable until growth looks sustainable. But sustainable growth is what we anticipate for H2 2013 – in the US and the rest of the world…ex-Europe.

View report


Our mission is to deliver the best long-term performance with a strong emphasis on risk. Based on a systematic and objective approach to investment - and a great commitment.


Privacy policy   |   Cookie policy

Before continuing, please refer to the “Terms of use”. Availability of our products and services is subject to certain restrictions, products and services may be  excluded in some countries. Copyright 2013 by Sparinvest S.A. - all rights reserved.

Please read these conditions before continuing. The products and services offered on this website are not available to persons with residence in particular countries. Please take note of the currently valid sales restrictions for the respective services.