2022 Letters to co-investors

3 min read

Letter to our co-investors 4Q22

Dear co-investor, The fourth quarter of the year was a relief for most markets, reducing part of the significant losses accumulated over the previous nine months. Our portfolios were not immune to this

2022 Letters to co-investors

3 min read

Letter to our co-investors 3Q22

Dear co-investor, During the third quarter of the year, the challenges that many economies are experiencing in reconciling a tight monetary policy with a recessionary economic environment were confirmed.

2022 Letters to co-investors

3 min read

Letter to our co-investors 2Q22

Dear co-investor, During the second quarter of the year, the dynamics that we have been discussing in previous quarterly letters have not changed. The damaging effects of the energy transition (exacerbated by the Russian invasion of Ukraine), the Chinese economic crisi

2022 Letters to co-investors

3 min read

Letter to our co-investors 1Q22

Dear co-investor, The new year began with three major sources of uncertainty that will condition the rest of this year's market performance: the economic situation in China, the impact of the Russian invasion of Ukraine and the measures taken by central banks to curb current high inflation rates.