China Reopening

Positive caralysts

1. Valuation remains cheap despite recent recovery

2. Investors have been significantly underweight China

3. Consumption in China has been below trend due to COVID

4. Savings rate has been high

5. Gross Margin close to historical low

Opportunity to engage in the China Connect conference!

We are delighted to be participating at the China Connect conference in Zurich on October 2, 2025.

The Nasdaq100 Index is currently expensive on a Free Cash Flow basis (only 2.68% while Fed Fund rates are at 5.25%).

The risk/reward in US Small caps is not compelling at this level

MSCI China TR Index vs. S&P500 TR Index

A global recession will likely push the yoy change in commodity prices into negative territory as we enter 2023.

For the first time since 2011, The yield in Euro IG has now topped the Stoxx 600 dividend yield.

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