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Dear fellow investors,

Financial markets ultimately spared us the twitches to which we have become accustomed in August. We hope that, like us, you have been able to enjoy the holidays and recharge your batteries before continuing the journey through what seems like a bad sci-fi movie. As economies get back on track and the United States goes to the polls, the next few episodes will be decisive in how the different scenarios play out.

We are fully aware of the responsibility that you have given us during a period when it has probably never been so hard to manage financial assets, at least not in peacetime. The economy is reopening with the consequences of Covid-19 being felt in a great many industries.

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