Markets : UK won't rejoin (it's impossible really) but will get closer #GBPCHF hiher, Oil Prices and Treasury Yields are now the most correlated in 36 years (chart), Tesla cuts China prices for the 2nd time in 20 days, 'No need for urgency': New York Fed's Williams squashes notion of an October rate hike, Trump Rejects AI Safety Laws After Meeting Industry Titans, Anthropic IPO prospectus lays bare deep dependence on Big Tech partners, France borrowing costs rise as Vanguard warns of degrading credit >>> quarter-end flows all but done, Sep Fixed Income selloff 'overdone' short-term, USD peaks short-term (USDJPY stays offered), GOLD held $4100 where it should have for the bulls, correlation between crude and Fixed income is at all time highs, it IS the kex to inflation and Bonds, #GBP UK Prime Minister says Britain should consider rejoining the EU (they will look-consider all options, clever way to go about it, get people to give theri say, actually a pretty good speech yesterday, oneof the best TBH Iran Condemns Netanyahu’s UAE Visit, Warns of Consequences - Iranians stagger under soaring costs of seven months of war | Iran's leaders may radiate bullishness, but life is becoming ever tougher for ordinary citizens unable to afford basic necessities or rent ​as a US blockade cuts oil exports Berlin property seizure threat deepens pressure on real estate stocks Top buyer of U.S. debt caught up in Iran sanctions case. Lawmakers raise concerns over Iran's use of USDT to bypass sanctions...can't make this up.. Tether faces Senate probe as Iran-Linked wallets put USDT under scrutiny, shut it down risk, as so heavily linked to Lutnick/Kantor etc '''widely used as a major money transfer tool in Iran’s informal banking sector'''.. shocking really, yet hardly surprising! Polish Prime Minister Donald Tusk: “Poland is facing very difficult weeks and months ahead due to increasing aggressive Russian actions, our security services are doing everything in their power to stop actions expanding to Polish territory.” China tax crackdown tightens pressure on billionaires, can't hide so easily anymore, western billionaires getting worried WSJ: The U.S. Navy and Gulf oil producers have grown more effective at blocking or evading Iranian attacks, letting more tankers move through the Strait of Hormuz. Iran's ability to choke off oil flows, and to use that threat as leverage in talks with Washington, is eroding. The concern is that Tehran turns to military escalation to strengthen its hand Gold getting hit during a full-blown bond crisis is short-term noise. Algorithmic systems auto sell gold on rising yields. They can't distinguish between yields rising on growth optimism versus yields rising on a crisis of confidence Burnham opens door to rejoining EU as he takes aim at Brexit - latest Tether Faces Senate Probe as Iran-Linked Wallets Put USDT Under Scrutiny - Bitcoin Foundation Berlin property seizure threat deepens pressure on real estate stocks Madness.. France borrowing costs rise as Vanguard warns of degrading credit 'No need for urgency': New York Fed's Williams squashes notion of an October rate hike Hedge funds hold a record share of the $30 trillion Treasury market. What could go wrong? Gas: Shell backs $23 billion LNG Canada expansion in boost to Carney EXCLUSIVE: Anthropic IPO prospectus lays bare deep dependence on Big Tech partners | Reuters UK Stock Market News: Saga, Greggs, Future Top buyer of U.S. debt caught up in Iran sanctions case - TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more Barchart on X: "Oil Prices and Treasury Yields are now the most correlated in 36 years 🚨 🚨 https://t.co/rpZU9F1NSO" / X Mario Nawfal on X: "🇮🇷🇺🇸 Iran's parliament speaker and top negotiator Ghalibaf dared the whole Gulf to keep selling oil without Iran. "Both the Americans and other countries should know that in a region where we don't sell oil, no one will sell oil, and if our security is not ensured, no" / X Swiss Alpine solar farms struggle to deliver on their promise - SWI swissinfo.ch China tax crackdown tightens pressure on billionaires

Markets : Ai leaders meeting trump today, because ?...Anthropic warned of 'existential risks to humanity' in IPO prospectus, so OPENAi followed and scraped new AI model, AND of course.. Nvidia (HAD to come up with something new) share buyback plan gets $150 billion boost >>> AND NASDAQ specs built the largest LONG QQQ futures position since 2017..., US and Iran separately talk with mediators in latest bid to end war | Any further talks are expected to focus on an amended version of a seven-day proposal that Iran presented last week on the sidelines of the United Nations General Assembly, JPN/U.S coordinating on JPY, RBA hiked as expected (AUD softer), GOLD 'must' hold levels aroun dhere on charts >>> USD firm(er) into quarter-end flows as bonds globally get hit (into Q3 end..), risk mixed to softer, watch QQQ positioning !!.. Germany issues EU budget ultimatum. Berlin and five other capitals tell Brussels to axe ‘hundreds of billions’ in planned spending Japan Finance Minister Reaffirms U.S. Coordination on Yen Stability | Finance Minister Satsuki Katayama agreed in a recent call with U.S. Treasury Secretary Scott Bessent to strengthen cooperation in the currency market, saying that “reconfirming this stance at this time holds great significance.” (WSJ) We need a LOT of rain... Water levels in eastern Switzerland fall to record low Sweden faces political deadlock after Andersson gives up attempt to form government Australia’s central bank on Tuesday raised policy rates to 4.6%, the highest level in 15 years, as the country looks to contain inflation stoked by the Middle East conflict Jensen Huang says AI distillation is 'competition.' Scott Bessent has called it 'theft' Anthropic IPO Prospectus Warns of Existential Risks | Trending Topics OpenAI scraps rollout of new AI model over safety concerns Nvidia share buyback plan gets $150 billion boost and Barchart on X: "Speculators have now built the largest long Nasdaq Futures position since 2017 🚨 https://t.co/iynu24E7lw" / X Barchart on X: "Gold $GLD - Make or Break Moment here 🚨 🚨 https://t.co/Z1G7lOIeGW" / X David Zervos will join Scott Bessent's Treasury Department Nvidia's Jensen Huang: AI distillation is competition Australia raises rates to 15-year high as it fights stubborn inflation Germany issues EU budget ultimatum Sweden faces political deadlock after Andersson gives up attempt to form government | Reuters Burnham promises to roll back privatisation with government-backed grid plan | Andy Burnham | The Guardian Julien Bittel, CFA on X: "Jeff Gundlach laid out the Fed's dilemma this week: Hike, and the interest bill on all that short-dated debt balloons. Cut, and inflation reignites. He’s right. But I think it’s the wrong framing, and I haven’t seen anyone unpack this properly yet in response. Here’s my take… https://t.co/FipKapLoN9" / X FWIW.. agree with a lot of it... '''the main issue is OIL, and Warsh told Bessent and Trump about it...'' on to you DC.. Water levels in eastern Switzerland fall to record low - SWI swissinfo.ch Tanner-Crash: Lindt&Sprüngli von Bigboss kollabiert – Inside Paradeplatz Trucking industry hit by 16 Chapter 11 and Chapter 7 filings - TheStreet

Bon weekend ! Markets : Global yields higher overall (breathing space overnight), 2year UST just shy of 5%, 30's heading for 6% (at some point investors will be attracted by yields, but not yet), Oracle sent a “force majeure” notice to the developer of its data center project in New Mexico, Trump-Xi meeting: AI, Taiwan, trade and diplomacy take centre stage, Watch European Bank Stocks on report UBS mulling foreign merger (more threats..to the swiss government and tax payers..just accept it UBS.!!..) >>> equity markets holding up well given higher global yields (specific 'leveraged' companies getting hit though-as they should), USD has been firmer this following front end UST's, mr market could do with a softer crude, lets see what Iran, US, Israel and Saudi's can accept as a deal...or not WHY the SURGE in UST yields (and global yields) should be less surprising than many making it to be/Thread #USDJPY - The fact that even Trump is concerned about the yen is telling. He reportedly told Japan’s prime minister personally that he was worried about the currency, while further intervention by Treasury Secretary Bessent may be on the way. The priority appears to be (IS..).. doing whatever is necessary to prevent Japan from selling U.S. Treasuries to support the yen Saudi Arabia has sold almost 100mio barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a supply crunch Hyundai expected to outsell Ford in third quarter as Detroit automakers lack hybrids Everyone starting to shout about it slowly but surely, but the rise in global yields should should not have caught markets off guard, it hasn't caught us and our clients off guard, this is a theme we've long talked about... Government and corporate borrowing plans—especially in the technology sector—were well signalled, the Federal Reserve had indicated continued economic strength, and the declining capacity of traditional Treasury buyers was already well documented. Uncertainty over the duration of the U.S.–Israel–Iran conflict has added further pressure. What appears to have amplified the move is psychological 'CB anchoring'': remember the 'temporary' inflation calls from central bankers...good times.... after more than a decade of artificially suppressed yields following the 2008 financial crisis, investors have become conditioned to rates that were exceptionally low and are struggling to adjust to a more normal environment Fed’s Williams: 'Reasonable' to expect another rate hike by year-end Fed’s Paulson joins chorus of policymakers predicting more rate increases ahead Fed's Hammack warns inflation pressures remain tilted to upside | Reuters Swiss central bank holds interest rate at 0 percent Riksbank holds policy rate at 1.75%: Can USD/SEK hold kr9.82 support? ECB's Schnabel quits to join IMF, setting in motion a board reshuffle - AOL Iran awaiting response from Trump on proposal to open strait of Hormuz in six days - AOL Yemen tells UN that Houthi moves on key strait threaten global economy | AP News Trump-Xi meeting: AI, Taiwan, trade and diplomacy take centre stage as Chinese President visits White House, 5 key takeaways China's first lady Peng Liyuan turns soft power on US audience | Reuters Japan PM says she had 'timely' discussion with Trump ahead of his Xi summit Japan's bond 'falling knife' stalls repatriation rush | Reuters That's what happens when the balance-sheet is so leveraged .. no surprise there... Oracle stock falls on news it sent data center 'force majeure' notice Saudi Arabia Eases Asia Oil Crunch With 100-Million-Barrel Sales Flurry - Bloomberg 'Vicious cycle': Global debt is soaring along with the interest on it Is institutional liquidity driving the latest Bitcoin rally? – The Armchair Trader Trump administration presses China on suspected nuclear tests in confidential talks Hyundai set to outsell Ford in Q3 as Detroit automakers lack hybrids I always disliked giving my name (why?9.. when ordering a coffee.. you ? .. Starbucks is closing hundreds of locations | CNN Business

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. August) +21% +7.1% Performance since Jan 2016 +109% 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. August) + 26% +10.6% Performance since July 2015 +194% 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."

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