G20 focus : Andrew Bailey warns G20 of danger AI poses to financial system, For the financial system, the most immediate concern is the potential impact of frontier AI on cyber risk., Bessent and Warsh singing the gospel of growth, let's grow out of this debt problem, run it hot, keeping inflation firm Markets : The global bond crisis in full swing, 10's UST 4.78%, JGB's, Europe not spared higher with higher yields, the only 'real' way out is LESS SPENDING, lower social spending and/or higher taxation for corps - both are negative for Equity earnings, UST 30-Year bond enters September on its worst stretch since 2006, Bessent says he expects Japan to take action to boost yen, 10's JGB's hit 3% yields overnight >>> USD slightly firmer during JH, but debasement trade could reappear soon as Bessent-Warsh team want growth at all cost it seems, spend spend spend, which is not going to bring inflation down any time soon.., they will continue with 'growth' plan, until the bond market tells them they are wrong, when say 10's UST hits 5.25%+ THE REALITY is this, public stimulus does not stimulate, printing cash does not help wage earners ( au contraire), if governments are worries about affordability (inflation, purchasing power etc), stop asking for more government spending!!!.. (chart available on request) Iran update : A tanker was struck by three unknown projectiles while transiting eastbound through the Strait of Hormuz on Monday. Iran’s Islamic Revolutionary Guard reported on Monday the interception of a U.S. MQ-9 drone over the eastern Strait of Hormuz. While neither side appeared to be seeking a return to full-scale war, both signaled they were prepared to respond to further attacks. (CNBC) => oil prices rise, Brent above $91, meanwhile a reminder this is still going on : Narendra Modi urged Vladimir Putin to end the war in Ukraine. “We’re moving in this direction,” the Russian leader said at the SCO summit, without elaborating. (BBG), Bessent told Russian Minister no economic relief until war is over China: “We will never allow Russia to use nuclear weapons.” Russia’s ability to escalate begins and ends in Beijing. Russia has redirected 80% of its oil exports towards China and India More public control is the way to grow UK economy, Burnham to tell MPs, PM wants to ‘bring back hope’ by tackling cost of living as MPs call for electoral reform Bessent now says debt-reduction plan could be months away. It will face hurdles when it arrives. - MarketWatch Bessent, Warsh kick off G20 finance meeting with growth-focused remarks Bessent says he expects Japan to take action to boost yen - Nikkei Asia FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: August 2026 - Financial Stability Board India's Modi asks Putin to end Ukraine war amid U.S. oil tariff threat Barclays sees two more Fed rate hikes this year after Warsh speech | Reuters Barchart on X: "Global Bond Yields hit highest level since the Global Financial Crisis 🚨 https://t.co/Sia55UJwse" / X Report: Bessent Told Russian Minister No Economic Relief Until Ukraine War Ends Marcos Agustín on X: "🇪🇺🇨🇳 China: “We will never allow Russia to use nuclear weapons.” Russia’s ability to escalate begins and ends in Beijing. 🔸 Russia has redirected 80% of its oil exports towards China and India. 🔸 China absorbs 50% of Russia’s crude-oil exports 🔸 Around 80% of the https://t.co/38XAvR4jgx" / X More public control is the way to grow UK economy, Burnham to tell MPs | Andy Burnham | The Guardian Beware out there ! Nepal, Gran Canyon and many more around the world sadly.. About 15 people missing after flash flood at Grand Canyon - CNA The Telegraph on X: "Germany’s economy is showing surprising signs of strength, with confidence rebounding, factories taking more orders and growth at its fastest since 2022. But the recovery could be short-lived. The country faces the prospect of a winter gas shortage that could send energy bills https://t.co/o7LIwg7YLt" / X Versager-FDP macht UBS-Ermotti reich&happy – Inside Paradeplatz

Markets : U.S and Iran resumed military attacks, crude up 2-3pct, Warsh was slightly hawkish on Friday, slightly higher rate expectations built, USD rallied slightly, PM's gave up a bit of ground as UST yields ended back on recent highs China's trade surplus hit $1.2 TRILLION last year, the U.S pent years trying to reduce Chinese imports, it worked!...well kind of, China replaces the U.S market with LatAm, south east Asia and Europe, Bessent wants G20 countries to decide on more trade barriers against China..that's not about reducing chinese exports, its asking G20 to shut the door down to chinese exports.. (it will be tough or impossible to convince G20..) US and Iran resume military attacks for first time in weeks. U.S. forces struck targets on Iran's Larak Island. U.S. President Donald Trump said energy hub Kharg Island was also under attack, though there was no immediate confirmation Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again >> 10's UST 4.71% US Treasury Bars Reporters From Several Outlets From G20 Meeting | Today News The US Treasury Department excluded journalists from several media outlets, including Bloomberg News and the Wall Street Journal, from coverage of this week’s Group of 20 finance ministers summit in Asheville, North Carolina, amid global market volatility and the US-Iran conflict. But really, overall his speech was 'on point' Keynote remarks by Chairman Warsh at the 2026 Jackson Hole Economic Policy Symposium - Federal Reserve Board U.S.-Iran escalation shows Washington's frustration with sanctions 4 takeaways from France’s first presidential debate – POLITICO BTPs: spread against the Bund opens steady at 82 points; 10-year yield rises to 4.10 per cent - Il Sole 24 ORE Spain: inflation jumps to 4.3 per cent year-on-year in August, up 0.7 per cent month-on-month - Il Sole 24 ORE Swiss experts downplay risk from unstable glacier - SWI swissinfo.ch Switzerland braces for winter as gas risks mount - SWI swissinfo.ch

Jackson Hole : Federal Reserve Chairman Kevin Warsh will address an audience of international economists and central bankers on Friday, with investors globally watching for him to offer more details about the economy, recent ​volatility in bond markets, and the risks facing the U.S. and global outlooks >>> the stakes went up recently, disinflation pledge (no roadmap), inflation is 3.7% nearly double the target... , 10's UST basically at 4.7% still, a growing minority of Fed officials say policy is no longer tight enough to squeeze out the last point of inflation.. >>> This Isn’t the First Fight Between Treasury and Fed Over Interest Rates, The two agencies had a similar fight after World War II that helped win independence for the Federal Reserve Markets : France is starting to be perceived as a greater bond risk than Italy - FT, | Iran has linked the reopening of the Strait of Hormuz to the end of regional wars in the Middle East, According to Centcom, Hormuz is now mine free and completely open to shipping (crude remains $80+ though..), European Central Bank must act to prevent inflation from taking root, says Kazaks, Corn 3y high prices again, >> Jackson Hole has potential for a big move going into September, petty key for PM's and BTC which have been anticipating the 'debasement', equity markets will react accordingly, watch UST yields tonight/next week, duration is key !!! more than ever... Japan is struggling to sell its debt. Its 2 year government bond auction today saw weak demand. Last week, foreigners dumped short-dated JGBs at a record pace. This explains why yields hit 31 year highs. The market is hiking rates for them. CH - Why Alpine debris flows are becoming more intense and unpredictable Coolcation ! the new buzz word in Scotland (Norway, Sweden, Finland...too..) Pre-tax earnings in the US have hit the highest level since the aftermath of the second world war, while workers’ slice of the pie has sunk to historic lows, fuelling discontent and a widening political backlash Donald Trump signs order renaming Lake Ontario as 'Lake America' in the US, glad he is focusing on things that matters for the U.S economy.. Will Warsh's Jackson Hole speech be a course correction or detour? - AOL Warsh’s Jackson Hole speech could make or break the bitcoin and gold rally This Isn’t the First Fight Between Treasury and Fed Over Interest Rates - Barron's The original accord of 1951 ended a war between the Treasury Department and Federal Reserve System over which had control over the nation’s monetary policy. Despite President Harry S. Truman’s objections, the Fed won its independence. Iran links Hormuz reopening to ending regional wars as Trump reportedly rejects return to June deal CENTCOM announces Strait of Hormuz shipping lanes are ‘free of Iranian sea mines,’ marking ‘major milestone’ in the Iran war This would be great news...if/when confirmed European Central Bank must act to prevent inflation from taking root, says Kazaks US corporate profits surge to record as worker payouts wilt | 28.08.26 | finanzen.ch PayPal dives as Advent-Stripe group said to drop pursuit of payments giant Nepal’s second flood threat: What is a barrier lake, and how devastating can a breach be? | Explained News - The Indian Express MacroStrategy Partnership on X: "***** The U.S.’s Exorbitant Privilege... Reuters says the rising real yields reflect the scale of issuance, both from governments worldwide and from AI. “There’s a competition for capital which is relatively unprecedented in recent times” The US budget deficit is set to run at https://t.co/OaXocVf2I3" / X David Lee on X: "We maybe seeing a structural change in mining investing GDX/Gold is now at 0.0225, approaching the high in 2016 and 2020 Fintel data indicates institutional ownership of GDX has increased 21% since last August (GDX/Gold ratio was around 0.0180 at that time, the ratio rose 30% https://t.co/RReTbNAebj" / X Gen Z Disrupts European Savings Habits as N26 Reports 45% Surge in Retail Investing Same with other online platforms here in CH.. Alps face rising debris flow threat from extreme rainfall EU industrial push strains ties with Switzerland and Norway - SWI swissinfo.ch Donald Trump signs order renaming Lake Ontario as 'Lake America' in the US | US News | Sky News Scottish Highlands benefiting from 'coolcation' trend

Meet the PVM team — 75+ years of combined professional experience in Swiss asset management and relative value investing. FAQs (/faq) MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More

Relative value asset management for global assets. PVM's Investment Matrix combines balance-sheet analysis with peer comparison to identify entry and exit points. Asset Management Using our unique relative value based Investment Matrix we build portfolios with superior analytical metrics, compared to mainstream equity indices. We currently have two different Portfolio offerings; firstly our classical Long only Global Equity model (suitable for all investors), and a Multi-Asset Class model, designed to generate additional alpha (suitable for Professional and Institutional clients only). We deliver discretionary portfolio management through individually segregated accounts held in your name. This flexible mandate empowers you to complement our core PVM Investment Matrix Portfolio by actively incorporating listed securities of your own selection. PVM Global Equity Long Strategy Type Long Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (31. July) +21% +5.1% Performance over 10 years +103% More PVM Global Multi-Asset Strategy Type Multi-Asset Class Suitable for Qualified Investors Focus Absolute return Minimum Investment 250k CHF 2025 Performance 2026 Performance (31. July) + 26% +8.5% Performance over 10 years +170% More Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of many fundamental variables, designed to identify value opportunities within Global Equities. Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer sentiment or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilise proprietary algorithmic screening, with a high degree of automation, to analyse the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution tools when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns are achieved by taking less investment risk, at higher valuations. Investment Process "We believe that an uncompromising investment process is a key component in delivering consistent returns."