Top Funds

Ranking of funds with the highest subscription volume and amounts invested in recent months.

Marketing of investment funds provided by the main management companies.

All investment profilesand levels of risk tolerance, investment horizon and expected return.

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March 2024

Greater amounts

Most Subscribed

Reality Check

 

At the end of last year, the market began to discount an aggressive cut this year. This movement was partially corrected during the first quarter, and expectations now seem more in line with reality. 

 

In the Eurozone there is evidence that a first rate cut could take place in June. In the US, a first move is also expected at that time, but the US economy continues to surprise, so the decision could still be delayed. 

 

This uncertainty about the evolution of monetary policy in the US also ends up contaminating the outlook for the evolution of the ECB's reference rate, which in its brief history has mostly acted after its US counterpart.  

 

The constructive environment for economic growth has allowed investors to take on credit risk ("High Yield") and business cycle risk ("Equities"), further compressing their risk premiums. Equity risk in particular is being particularly poorly remunerated in the light of history. These multiples are only justified on the assumption of a near-perfect scenario, with a combination of economic growth and results without inflationary pressures. 

 

Although there is a contribution from AI in this direction, the path should be neither immediate nor smooth. 

 

The value offered by central banks for liquidity and bond market yields with a certain duration can be a useful counterbalance in a portfolio that maintains a contained exposure to the stock market.

 

Fund Management Companies

The offer of investment funds traded online covers, in terms of asset allocation, all investment profiles and levels of risk tolerance, time horizon and expected return.

Legal information

 

The information contained herein identifies the most subscribed investment funds, by amount and quantity, in the reference period by Banco Carregosa clients, not considering anypersonal element of a specific potential investor. No elements were considered to assess thesuitability of any investment or disinvestment to a specific person, therefore it should notconstitute an investment recommendation. Potential investors are responsible for theirinvestment decisions, and should carefully consider their investment objectives, financialsituation, tolerance and capacity to bear the risk of investing in the financial instruments inquestion. 

Potential investors should make their own investment decisions andobtain professional clarification and advice on the characteristics and risks of the servicesand financial instruments in question, appropriate to their level of knowledge and experience,in particular, of price changes and possible loss of capital. Any subscription or redemptionorders are the sole responsibility of the potential investor, and before any investment decisionis made potential investors must acknowledge and accept the terms and conditions of thedocuments specific to each Fund, which are available for consultation herein, including the"Prospectus" and the "Key Information Document" (KID).

Management Companies may share with Banco Carregosa, as distributor, aportion of the Management and/or Distribution Fees charged by the fund, as well as offer othernon-monetary benefits. Non-monetary benefits are understood to be access to research andinvestment recommendation documents and access for Banco Carregosa employees to conferences andtraining organised by the Management Companies. In any case, the receipt of these fees does notcompromise the independence of Banco Carregosa.

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