The US-led global order of Pax Americana is being rebooted by the Trump administration and replaced by a multipolar world.

This paper discusses how passive investment strategies have driven the market narrowness and increased equity markets’ price inelasticity.

We are currently witnessing the beginning of a prolonged structural energy crisis caused by a poor understanding of what energy is and a lack of knowledge of our dependence on fossil fuels.

The European auto industry has for several years seen significant secular headwinds from a technology change that will also challenge the business models of the auto industry in the next decade.

Our investment philosophy is a simple one: our experience tells us that to make a difference as an investor you need to have a different approach than most other investors.

2016 proved a difficult year for our global products. The reversion in interest rates had a massive impact on factor and sector performance globally. Value outperformed growth as a more benign reflationary – if not outright inflationary– environment was priced in. The big question as we enter 2017 is whether the rise in interest rates is cyclical or secular.