BANOR CAPITAL

Angelo Meda, CFA, CIPM of Banor SIM, co-portfolio manager with Luca Riboldi of the Banor SICAV Mistral L/S Equity fund, spoke last week at the Madrid Pan-Iberian Fund Forum organised by Evenco International. In front of an international audience of fund selectors and investors, Angelo highlighted that one of the most interesting investment opportunities over the coming months is to buy Italian Small & Mid Caps: "Until 2022, these performed like the Nasdaq, but for a number of reasons such as the increase in interest rates, flows, sector weights, and Italian PIR regulation, they have significantly underperformed in the last two years. We believe these factors are temporary and do not affect the fundamentals of the companies, which continue to grow and consolidate leadership positions in various niches of the economy." "Marketing communication." For more detailed information, please refer to the information and offering documentation available on the website www.banorsicav.com. #investments #financialmarkets #equities

As widely expected, the Federal Reserve left rates unchanged. On the other side, Chair Powell was forced to admit that the confidence to reduce rates is still some meetings away. “In recent months, inflation has shown lack of further progress” “we are not gaining greater confidence”. Importantly, he reiterated that rates are already “restrictive” and they believe that keeping rates at the current level will be enough to rein in inflation. “It is unlikely that the next policy move will be a hike.” Asked about the three cuts promised in the dot plot in March, he explained that “it is going longer than expected,” hinting at an upward revision for the June dot plot and confirming market pricing (one cut in November, and some probability of a further cut in December). In an unexpected dovish development, the Fed reduced the pace of Quantitative Tightening, more than halving it (from 60 to 25 bln per month). While less visible, the net selling of bonds resulting from Quantitative Tightening has been an important driver in this tightening cycle, and the Fed admitted that the decision to slow down was driven by its desire to proceed smoothly and avoid stress in the money market. Overall, the market perceived the beginning of the press conference as dovish (especially the absence of any risks of further hikes), sending bonds higher, rates lower, and weakening the USD. The movement reversed at the end of the speech as the amount of new information gained from the press conference was limited.

Happy Easter from BANOR!

Thrilled to share that Banor Capital has been highlighted on Evenco International's Fund Watch List. Thanks to the meticulous curation by Evenco's network of senior investors across Europe, our Banor SICAV Mistral Long Short Equity fund has caught the eye of investors. You can view the full list by clicking here: https://lnkd.in/dNtyJ7x3 Read the newsletter below. #Banor #InvestmentOpportunity #FundWatchList #FinanceNews #InvestmentInsights

Dedicated to Gianmarco Rania, Portfolio Manager of the Banor SICAV European Dividend Plus fund, is the cover story in the latest issue of Asset Class, the Italian magazine that delves into the world of international asset management. In the interview, he reveals how active management has facilitated the identification of opportunities that others may have overlooked, resulting in an additional return. The fund focuses on investing in companies with high dividends and robust business models. With this strategy, the Banor SICAV European Dividend Plus has successfully positioned itself among the best European equity products in recent months, as per the ranking published in the November issue of Asset Class, relying on Morningstar data. Read more about the product: https://banorsicav.com/ 'Marketing Communication'. For further information please refer to the offering documents and prospectus available at www.banorsicav.com. #investments #finance #markets #equities

Season's Greetings from BANOR! #HappyHolidays #Christmas2023

Lorenzo Guidi, portfolio manager at Banor, was interviewed by the Italian finance and economics newspaper Milano Finanza for an in-depth exploration of Banor Special Situations II. This fund, designed for professional investors, primarily focuses on financing opportunities for high-quality real estate assets and projects in premium locations across the UK, Italy, France, and Spain. The fund is close to reaching its funding target, ranging between EUR 240 and 250 million. One notable advantage of this investment approach is that, amid changing macroeconomic conditions influenced by inflation and rising interest rates, 'in some transactions, we have benefited from the increased reluctance of banks to provide credit. This has led us to close many more financing or refinancing transactions lately,' points out Guidi. Read more about the product: https://lnkd.in/dWMEz-48 'Marketing Communication'. For further information please refer to the offering documents at www.linkfundsolutions.lu. #investments #financialmarkets #specialsituations #realestate

Read the recap by Francesco Castelli, Head of Credit Strategy at Banor, on the last #FederalReserve decisions and #Powell’s declarations.

The Banor SICAV European Dividend Plus fund managed by Gianmarco Rania clinches the second place in the “Top 20 European Equity funds” ranking, published in the latest issue of Asset Class, the Italian magazine dedicated to the world of asset management. The ranking was based on #Morningstar data, by annualised 12-month return to 15.10.2023. Total funds considered: 377. "We are very pleased with the fund's performance and rating. Over the past year, our active management has enabled us to seize excellent investment opportunities, especially in the first part of the year, thanks to the strong exposure to cyclical sectors. The very defensive approach and use of derivatives helped us to reduce the fund's volatility in Q3 and protect the results achieved so far", commented Rania. Read more about the product: https://banorsicav.com/ 'Marketing Communication'. For further information please refer to the offering documents and prospectus available at www.banorsicav.com. #investments #finance #markets