Global Allocation Fund January 2019 Commentary “now Central Banks are achieving the task, but we cannot help to see that the way travel from Central Banks to car dealers keeps been a little too long…”

Global Allocation Fund commentary for the month ended January 31, 2019. Q4 hedge fund letters, conference, scoops etc January has been the best month for equities in the last seven years. The panic reached at the end of December and the clearly oversold condition of markets have been the main reason to rally. About credit markets, which worries us and is a better measure of the economic environment, they have witnessed a pronounced improvement as well. Less so in Europe and clearly concentrated in the last days of the month. During the last days of 2018 we saw this recovery…