Japan's rising yields are impacting US market: senior Treasury official. Both sides agreed on importance of fiscal consolidation in sideline talks, Erin Browne says >>> hence USDJPY intervention are part of the deal in stabilizing bonds-duration !! Markets : small 10's bonds recovery overnight (a reminder that when CB's panic and hike, markets will stop panicking and the long-end will feel more comfortable..!!), 60% probability of FED hike in Sep (priced) ahead of NFP tomorrow, there was definitely some interventions above 160USDJPY yesterday.. we still like being short CHFJPY from a PPP point of view with a target near 175... (USDJPY works too !), Japan's 30y bond auction went 'smoothly' overnight, Iran strikes Kuwait keeping Brent $95 area, that said Trump is now privately considering to formally declare the Iran war over, with Trump saying he strongly favors the idea, per WSJ European gas prices are surging! Now at 3 year highs, clearly less than ideal (not good), Bear in mind that European gas storage is running at 35% full heading into winter US Gulf Coast diesel prices hit all-time high amid global supply disruptions - S&P Global The German Navy plans to significantly increase the range of its missiles: A frigate has successfully completed a previously classified test of the Israeli Lora missile system in the North Atlantic JPMorgan decides to get tough with Jane Street. Former hedge fund manager and BoA banker might be the next Jamie Dimon NYC Mayor Mamdani Bans AI For Nearly 600,000 Students Through Eighth Grade In Nation's Strictest Policy Hegseth extends MidEast deployments into 2027 Iran strikes Kuwait in retaliation for US bombardments, and other Mideast news Japan’s 30-Year Bond Sale Passes Smoothly With Yields Above 4% How Japan’s bond rout is turning the tide of global capital The Bond Market’s Supply and Demand Problem Dalio puts in a nice simple way to understand it all NY Fed's John Williams signals openness to September rate hike Volkswagen's road to restructuring | Reuters Swiss Inflation Rate Jumps to the Highest Level in Two Years - SWI swissinfo.ch Japan's 4 largest life insurers report record $96B in unrealized losses German Navy Successfully Tests Long-Range Missile Hegseth Extends Mideast Deployments Into 2027, Escalating Strain on Troops - WSJ Palantir CEO Alex Karp backs ousted Ukraine defense minister's new defense tech startup JPMorgan decides to get tough with Jane Street NYC Mayor Mamdani Bans AI For Nearly 600,000 Students Through Eighth Grade In Nation's Strictest Policy

Bessent is far behind is initial '333' goals, which were, as a reminder >>> - 3% GDP growth - 3% budget deficit - 3m barrels a day of US oil output and The results so far is appalling : Q2 2026 GDP 1.5% - 2026 deficit projected 6.7% (over 2x target) - 0.6m bpd being produced >>>> No wonder the bond market disagree...!!! G20 statement : see below, but China 'objected' to a few paragraphs referring to 'global imbalances', naturally they would do so, but shows the strains.. and possible risk, eventually of G20 pushing for a Yuan revaluation #USD risk Iran retaliates after US strikes, defying Trump’s warning it could be hit 'much harder' Markets : U.S 10y yields 4.81% (global yields higher, not just US, JPN in a spot of bother too), Japan's 2-Year Yield hits 1.86% for the first time in more than 31 years, Kevin Warsh can impress investors with his anti-inflation zeal or give the White House the monetary policy it demands, but not both !!, looks like some USDJPY light intervention again above JPY160+, crude higher again with Brent near $95 again (must be time for Trump to fold again..), Tech is now officially more capital-intensive than mining >>> beware if/when these equity markets awaken to the ' global bond market crash' (ok sell-off for now but they are all on the move..), reducing eq exposure to 'rates' sensitive sectors looks wise right now.. ECB must be prepared to lift interest rates further - Makhlouf Banks rush to swap higher-risk credit assets for BoE cash, not a good #credit sign BOJ chief says rate hikes on table at every meeting, including this month's 10-year JGB yield's 30-year high reflects global rise in rates, Ueda says US debt is in worse shape than you think. That's because there's been a string of negative data surprises - like weak payrolls and weak retail sales - that should have pulled down the 10-year yield, but they didn't. A sign that risk premia are building... UK's debt problem in short-term can easily be corrected by ending the triple lock! Volkswagen management proposes shutdown of four German plants by 2034, WiWo reports Scott Bessant's 3-3-3 Plan Is it a wonder bonds are selling off across the globe, and UST's are not spared...? nope G20 Chair’s Statement | U.S. Department of the Treasury Iran retaliates after US strikes, defying Trump’s warning it could be hit 'much harder' ECB must be prepared to lift rates further - Makhlouf Banks rush to swap higher-risk credit assets for BoE cash: Reuters (LYG:NYSE) | Seeking Alpha New Tech Is Old Mining - Tavi Costa Tech is now officially more capital-intensive than mining. This represents a fundamental shift in the market. UBS-Topshots verkaufen UBS-Aktien wie wild – Inside Paradeplatz Burnham blames Brexit and Thatcher for ‘wrong turns’ in first Commons speech as PM | Andy Burnham | The Guardian Australia posts second-quarter growth of 2.1%, beating expectations Volkswagen management proposes shutdown of four German plants by 2034, WiWo reports | Reuters

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

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."

A Global Equity strategy focusing on quality and suitable for all investors from Retail to InstitutionalVM's Global Equity Long strategy targets undervalued global equities through disciplined balance-sheet analysis and relative value screening. PVM Global Equity Long PVM Global Equity Long Our Global Equity Long model offers a comprehensive investment strategy, suitable for Retail, Professional and Institutional Clients. Focusing on the importance of balance sheet analysis in equity investing our strategy aims to maximize long-term wealth creation by identifying financially strong companies with sustainable growth potential. The strategy places significant emphasis on fundamental analysis, particularly on balance sheet assessment. By analysing a company's financial statements, and systematically evaluating key metrics defined within our Investment Matrix , such as liquidity, price to earnings ratios, and dividend yields, helps us identify companies with robust balance sheets, strong capital structures, and good financial health. Focusing on financially strong companies, the strategy seeks to identify investments that can weather short-term market fluctuations and deliver sustainable long-term returns, which is proven through our track record. We do not take a contrarian view, nor are we locked to any specific countries our sectors; our Investment Matrix seeks quality and consequently allows the construction of well-diversified portfolios. Our goal is to generate long-term wealth while effectively managing risk. Performance Presentation Strong cumulative performance Management fee 0.84% annual (debited monthly) Performance fee 10% high watermark (debited monthly) No withdrawal fees No lock-up periods Suitable for Retail, Professional and Institutional Clients. Contact Button Button

A Multi-Asset Class Value Strategy for Professional InvestorsVM's Global Equity Long strategy targets undervalued global equities through disciplined balance-sheet analysis and relative value screening. PVM Multi-Asset Class Value PVM Multi-Asset Class Value This strategy provides a unique approach to capitalizing on relative value across a wider market, by adding to Equity Long only with principally Precious Metals and Foreign Exchange but can also include a wider range of Fixed Income and Commodities. Based on our Investment Matrix, the strategy begins with a rigorous assessment of macroeconomic trends, industry analysis, and fundamental company research. It emphasizes the identification of key catalysts and market inefficiencies to identify undervalued securities. Investments in Currencies and Precious Metals/Commodities are based on their comparative relative value to Purchasing Power Parity and Production Costs. The strategy emphasizes dynamic portfolio construction, regularly reassessing and adjusting positions based on changing market conditions and new investment opportunities. This adaptive approach ensures the portfolio remains aligned with evolving market dynamics. By employing a disciplined approach to investing, this strategy aims to generate superior risk-adjusted returns in both bull and bear market environments but does have a higher risk profile and hence higher drawdowns, than the Equity Long only strategy. Performance Presentation Very strong cumulative performance Management fee 0.84% annual (debited monthly) Performance fee 10% high watermark (debited monthly) No withdrawal fees No lock-up periods Suitable for Professional and Institutional Clients only Contact Button Button