Quartral letter Magnus Flexible SICAV.
Second quarter of 2025.
The tariff extension announced in April was the trigger for a strong rebound in markets, ending this second quarter with slight losses in the year (-1.75%).
However, the behavior of this quarter is remarkable, with a revaluation of +5.81% and +14.21% from the minimum of April 21. In this quarter, Stoxx 600 won +1.40%, the S&P500 won a +10.56%in USD, but after euros its profitability would be only in +1.61%.
As a summary a great quarter for Magnus where it has become substantially better than the rates valued in euros.
Magnus Global Magnus LETTER 2T 2025