Carmignac's Note

September showed no respite from this year’s slump in financial markets.

The return of inflation has changed the bond-market landscape and is creating fertile ground for active investment approaches.

Because an extended period of high inflation is a very real prospect, we have structured our diversified investment portfolios so as to be in phase with the business cycle.

How we’ve adapted our investment strategy following an eventful month for markets.

Financial markets are being influenced primarily by macroeconomic factors, and only to a lesser extent by company fundamentals.

Beijing now seems determined to ease policies on several fronts in a effort to reboot China’s economy

Financial markets are being influenced primarily by macroeconomic factors, and only to a lesser extent by company fundamentals.

The strong inflationary pressure impacting the global economy is manifesting itself differently in the US and Europe.

Should we expect inflation to swiftly and lastingly return to where it was before the pandemic? Probably not.