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20minutes of rambling.. Trump framed his speech as “mission nearly complete.” , hard to tell !!...no exit from NATO (as some were expecting), then Trump threatens to hit Iran ‘extremely hard’ in coming weeks while telling allies they would have to “take the lead” in reopening the Strait of Hormuz, JD Vance was dispatched to deliver an ultimatum to Tehran to make a deal or face attacks on key infrastructure, Trump threatened to stop weapons for Ukraine unless Europe joined Hormuz coalition.. Markets: Swiss CPI at 0.2% vs 0.5% expected… big surprise (#CHF weaker, already had a decent monthly fix weaker..) , China claims the U.S has 2months worth of #RARE earth left, 10y JGB yields higher after a frugly auction (war, inflation and the most indebted country in the 'developed' world, KKR limited redemptions in its non-traded private credit retail fund >>> markets learning to 'fade' Trump's daily rants..., crude at $105 or higher isn't welcome for global economy, clearly, but fertilizer, rare earth 'issues' going forward are also a big worry... Oracle cuts 30,000 jobs, cutting workers to fund AI data centers, total of nearly 100 U.S companies have cut 330,000+ , that's 3,900 per day, at the end of Q1..and AI related companies said that Ai will not cost jobs... Keir Starmer says he will form a new partnership with the EU in the coming weeks "As the world continues down this volatile path, our long-term national interest requires closer partnership with our allies in Europe and with the European Union" >>>> '' The British ''right'' made a huge bet on the U.S alliance holding together when they 'took' UK out of the EU, Trump has now blown up the American alliance and so the UK may well have ZERO other choice but to head back to Europe'' Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create demand for Treasuries, make it easier for people outside the United States to hold dollars. Sounds great (for who exactly..).. Until you look at what's actually happening underneath... i'd be very suspicious.. better ways to make a return out there !! UK bond markets are dangerously exposed New 10-Year JGB Coupon Set at 28-Year High of 2.4 Pct Secret codes and yuan fees get ships through Iran’s Hormuz tollbooth - The Japan Times Iran, Israel-US war LIVE updates: Iran responds to Trump's address with attack on Israel, US vows to ‘finish job' - World News | The Financial Express Chinese Publication Claims U.S. Has Two Months of Rare Earths Left | OilPrice.com Artemis II: NASA’s First Crewed Lunar Flyby in 50 Years - NASA Pretty extraordinary stuff.... >>>> 0-15,000 mp/h in 7 1/2 mins! NASA on X: "We're going around the Moon. Come watch with us. Artemis II's four-astronaut crew is lifting off from @NASAKennedy on an approximately 10-day mission that will bring us closer to living on the Moon and Mars. The launch window opens at 6:24pm ET (2224 UTC). https://t.co/X27QJejNDt " / X KKR caps redemptions in retail credit fund amid outflows - Bloomberg By Investing.com BofA Sends Alarming Message on Microsoft, Oracle and CoreWeave US set to roll out tiered tariffs on steel, aluminum imports Samuel Hughes on X: "For some years, Berkeley has been the last major housebuilder pushing ahead in London. They are now closing their pipeline of projects. Projects take years to come through the pipeline, so this suggests that London's housing collapse may be even deeper by the end of this https://t.co/LiQKydKu1Y " / X George Noble on X: "$315 BILLION in stablecoins are now backed by US Treasuries. And I don't understand why no one's questioning this. Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create https://t.co/btj457rjKd " / X Trump toilet bowl sketch wins Swiss cartoon award - SWI swissinfo.ch I mean... The Intellectualist on X: "“On Palm Sunday, Jesus entered Jerusalem as crowds welcomed him with praise honoring him as king. They call me king now. Can you believe it?” - President Trump compares himself to Jesus Christ, the Christian Messiah, days before the Easter holiday. (2026) https://t.co/3wke4sXlov " / X

Semiconductor Manufacturing - without Helium from Qatar? not so fast... - Iran war update, fast moving : Trump Says U.S. Will Be Leaving Iran in 2-3 Weeks. The president says U.S. has eliminated Iran’s nuclear threat and ‘it will take 15-20 years' to rebuild, U.A.E. Wants to Force Hormuz Open and Is Willing to Join the Fight. The Gulf state has begun a campaign to persuade the U.S. and allies in Europe and Asia to open the waterway by any means necessary. (WSJ) Markets : Trump seems to sort of signal a TACO within 2-3weeks, job done apparently.. (all very vague...! and it takes TWO to TACO..), crude, usd, equity react accordingly (already got a positive kick into oversold monthly close..), KOSPI up 8% (total casino), Japan business mood hits 4-Year high, MSCI upgrades Greece >>> crude swiftly down 5% or so on the headlines, USD and equity react accordingly, the 5% short covering rally done literally within 24-48hours.. in QQQ, quite amazing really..today's markets, algo's pretty wild, many issues will remain in the global economy, so let's be prudent with big macro view change, calls.. not going to happen so easily.. and Trump may yet change his mind.. Blue Owl Capital Closes New Asset-Backed Fund With $2.9 Billion in Total Commitments- The Asset Special Opportunities Fund IX exceeded an original target of $2.5 billion, suggesting that there remains an appetite from some investors to continue putting money into private credit. (WSJ) Non-Cash-Generating Private-Credit Loans Rise to a 14-Year Peak, Fitch Say Blackstone, Ares, Rivals Grilled by Congress Over Private Credit, KPMG Faces Allegations of Blown Audit in Private Credit Collapse https://www.linkedin.com/feed/update/urn:li:activity:7444738951782817792/?originTrackingId=22dtXezm9ukOKrbU2gCNbg%3D%3D Trump to give "important update on Iran" tonight in prime-time speech - CBS News Trump says he expects US to leave Iran in ‘2 or 3 weeks’ - POLITICO Trump says the US is 'leaving soon' and has 'nothing to do' with the Strait. He started a war, lost it, closed the Strait, and now he's pretending it was never his problem. This is what failure looks like Blackstone, Ares, rivals grilled by Congress over private credit KPMG Faces Audit Failure Allegations Over Bridging Finance Funds - Bloomberg Furkan Gözükara on X: "Absolute humiliation for the White House. CNN's top journalist Christiane Amanpour confirms Russia just completely shattered the US naval blockade on Cuba. Putin sent a massive oil tanker right through America's backyard and Trump did absolutely nothing. https://t.co/zLLvGhv8cj " / X Exclusive | Non-Cash-Generating Private-Credit Loans Rise to a 14-Year Peak, Fitch Says - WSJ MSCI upgrades Athens Stock Exchange to developed market status from 2027 Greek City Times Swiss banks prepare for Gulf clients - SWI swissinfo.ch PeerMetals on X: "Insiders buying $900 silver calls for December 2026. Silver's at $70 right now. That's a 12x move in 9 months. They're not gambling that big on a guess. https://t.co/kspZtjujnh " / X Lisa Abramowicz on X: "Foreign central banks have cut their holdings of Treasuries at the New York Fed to the lowest level since 2012. The selling has come as oil importers like Turkey, Thailand and India raise cash through asset sales to prop up their currency & economies. https://t.co/aUK7HQ8cuP https://t.co/4J2qNgJ2zN " / X Anthropic accidentally releases source code for its popular Claude AI agent | World News - Business Standard Oracle cutting thousands in latest layoff round as AI spending booms Reeves summons supermarket bosses again after snub Germany nuclear power rethink: gas dependence and energy shock fears | Luxembourg Times Japan Business Mood Hits 4-Year High, Keeps BOJ Rate-Hike View Alive - The Japan News Iran war's impact is spreading beyond oil, hitting helium and aluminum

Iran war update : both claiming the other one is begging for a deal, both have very different interests , clearly Trump is worried about 10's UST yields going above 4.5%, and Iran knows it, together with equity markets which didn't really react on the ''10day TACO headline last night'', markets learnings it's just 'nonsense short-term market manipulation', UAE pushes for international force to reopen Hormuz-France and many other countries trying hard too, Bessent's insurance program allegedly ready soon too Markets : UBS suspends withdrawals on real-estate fund (more GATING..), Cliffwater is a $33B fund invested in 50+ other funds that are all gating simultaneously, JGB's, the Japan 2-year yield has hit 30-year highs, FED officials warning on inflation, Miran talks further balance-sheet reduction, Lagarde warns Middle East war energy disruptions may last years, Global trading system hit by 'worst disruptions in the past 80 years': WTO chief >>> given all this. .. markets look to be totally underestimating the issues ahead (globally), technically SPX500, while below 200dma 6630, we have room towards 6000-6100 area, obviously much depends on MiddleEast situation, and length of the troubles, Crude still near highs of the week, didn't really react to Trump's mini TACO last night, in a way we are extending the problems/goods disruption etc.., ENERGY lockdowns are happening already, it is happening, HUGE timing for farming in Australia, seems some of them running out of diesel already=no seeding ... Britain and France will hold talks this week with military representatives from 30 countries to form a coalition to reopen the Strait of Hormuz-AFP Hugely consequential decision allowing Morgan Stanley to transfer $85 billion of broker-dealer assets to its insured bank. Precedent setting and reminiscent of similar moves in 2007-08./Thread - pretty unusual move, thus important ! Goldman Sachs downgrades India to Market Weight and lowers NIFTY target to 25,900 from 29,300 Key Reasons for Downgrade - Higher Oil Prices, weak FII flows https://www.linkedin.com/posts/activity-7442480281082609664-00V1/?utm_source=share&utm_medium=member_desktop&rcm=ACoAABF-BDoBDdoqegvp6GidvrLMEDRAihKEGQw This is the real reason oil is not freely crossing the Strait of Hormuz: it`s not just the ship risk, but a single cargo of a VLCC tanker, carrying up to 2 mio barrels, is typically worth well over $100 mio. If Iran maintains control of the Strait for an extended period, the World economy could split into even more distinct geopolitical alliances. Iran’s hardliners call for a nuclear bomb, sources say Iran offers Spain rare Hormuz access France says it approached 35 countries over future Hormuz mission | The Straits Times Scott Bessent says insurance program for Hormuz ships to start soon Jeremy Kress on X: "Hugely consequential decision allowing Morgan Stanley to transfer $85 billion of broker-dealer assets to its insured bank. Precedent setting and reminiscent of similar moves in 2007-08. This is the first time I can recall the Fed ever approving a regulatory action by 4-3 vote." / X Trump Lashes Out At NATO Allies And Threatens Iran NATO will remember this for a very long time—well beyond the next decade, well into the next generation. Trump has effectively shouted to the whole alliance that the United States no longer needs anything from them , and Europe has understood the message perfectly. As a result, vast sums are being redirected into European defence projects, manufacturers, and supply chains. U.S. defence contractors are likely seething at the prospect Rob Smith on X: "I'm out of diesel. All the farmers are out of diesel. This is it. We're done for. Albanese and Bowen are directly to blame. This is serious. I promise you. All other countries have diesel, and it averages $1.80 per litre in most countries in the Asia Pacific. But not Australia." / X Europe could face fuel shortage by April as Iran throttles supplies, says Shell boss | Energy industry | The Guardian Fed’s Cook says Iran war shifts risk balance toward inflation By Investing.com Fed official issues stark warning on inflation, interest-rate cuts due to Iran war Fed's Jefferson sees higher inflation from Iran war near term, signals toward holding rates steady Fed's Miran favors looking through oil price spike, says concern is about job market - AOL Lagarde warns Middle East war energy disruptions may last years By Investing.com Global trading system hit by 'worst disruptions in the past 80 years': WTO chief https://www.cnbc.com/quotes/JP2Y you have to go back to early 90's to have 2y JGB yields 'this high' UBS gates €400mn property fund for up to 3 years More 'GATING' , most likely not the last (were investors aware of this scenario?..pretty sure not all of them..) ..UBS gates €400mn property fund for up to 3 years. . Swiss bank said liquid assets in the Germany-based fund were insufficient to meet rise in redemption requests junkbondinvestor on X: "Cliffwater is a $33B fund invested in 50+ other funds that are all gating simultaneously. $4.6B in unfunded commitments. 14% redemption requests. S&P negative outlook. “It all works great when no one wants their money back.” https://t.co/dvaahM42nq " / X “It all works great when no one wants their money back.” George Noble on X: "Wall Street's favorite lie has 3 words: "Stay the course." Every year around this time, the biggest asset managers publish their annual letters. And every year, the message is identical: don't sell, don't time the market, just keep your money right where it is. Funny how https://t.co/vWxdAf8DJo " / X Every year around this time, the biggest asset managers publish their annual letters. And every year, the message is identical: don't sell, don't time the market, just keep your money right where it is. Funny how that advice PERFECTLY aligns with their business model OSINTdefender on X: "U.S. President Donald J. Trump’s Treasury Department is planning to add his signature to all denominations of the United States Dollar moving forward, which will mark the first time in history that the sitting president’s signature will appear on American Currency, with Trump’s https://t.co/6ET6pvpJGE " / X Will you want to own one of them?.. Jetzt gehts los: Giga-Abbauwelle bei UBS – Inside Paradeplatz

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A Multi-Asset Class Value Strategy for Professional Investors 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

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 Only Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 250k CHF 2025 Performance 2026 Performance (end March) +21% +3.5% Performance over 10 years +102% 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 (end March) + 26% +1.6% 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.