In this edition, covering the first quarter of 2026, you will find an analysis of the global macroeconomic context: the evolution of monetary policy in the United States and the Eurozone, tensions in sovereign debt markets, and the emerging signs in economic activity indicators. This complex scenario demands both precise diagnosis and firm positioning.

We analyze the performance of the main asset classes—fixed income, equities, and alternative assets—with a geographical and sectoral perspective that reflects our strongest investment convictions. Each section is built on the same logic that guides our management: clear thesis, robust evidence, and consistent positioning.

The Letter also includes the performance of our funds and portfolios during the quarter, with profitability data and our investment team's reflections on the risks we monitor, the opportunities we identify, and the path we have charted for the coming months.

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In this second quarter we have witnessed what could be called "the return to calm in the financial markets".

The de-escalation of hostilities and the start of negotiations between the US and Iran have led to a sharp decline in risk aversion across all markets. In the case of equities, whose positive reaction was more pronounced and allowed some indices to reach new highs, this has once again been accompanied by corporate earnings reports that surprised on the upside (Q1 26).

Regarding fixed income, government debt showed mixed results. In Europe, longer maturities saw modest declines, while shorter maturities experienced a slight rebound. However, in the US, the government debt market performed less favorably, with interest rates rising amid expectations of less likely monetary easing. This behavior in interest rates on both sides of the Atlantic resulted in a slight appreciation of the dollar by 1,5%.

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Coming soon.

Coming soon.