Investment Monthly Report
May 2025

06 May 2025

As every month, you can read our investment report, in which we offer you a macroeconomic analysis of the market, a presentation of the performance of our funds and their results.

April’s rather flat monthly performances (MSCI Europe NR -0.8%, MSCI USA NR -0.5%) are proving to be a trompe-l’oeil behind which lies a rare volatility.

April will long be remembered for its spectacular “V” configuration. The beginning of the month was dominated by Donald Trump’s Liberation Day tariff announcements and their potential impact on global trade. The breadth and depth of the tariffs triggered a wave of panic among investors, causing indices to fall by close to 15%. This climate of high tension had the merit of forcing the US administration to make a U-turn, leading to a 90-day suspension of tariffs (with the exception of China), and a recovery in the indices towards the beginning-of-month level.

Such an environment is certainly not ideal for investors, but should only be temporary. It seems to us that the primary objective of this political agenda is to put pressure on the Fed to cut rates, before adopting a more conciliatory attitude towards tariffs. The Fed Fund rate expected by investors in December 2025 was 4% in February, and is now close to 3%.