✉️ We are pleased to share our monthly newsletter.
๐๐จ๐ฏ๐๐ฆ๐๐๐ซ: ๐๐๐ซ๐ค๐๐ญ๐ฌ ๐๐ญ ๐ ๐๐ฎ๐ซ๐ง๐ข๐ง๐ ๐๐จ๐ข๐ง๐ญ: ๐๐ญ๐๐ฒ๐ข๐ง๐ ๐๐๐ฅ๐๐๐ญ๐ข๐ฏ๐ ๐ข๐ง ๐ ๐๐ก๐๐ง๐ ๐ข๐ง๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐
NK Monthly Newsletter-November 2026
In October, the Fed, ECB and Bank of Japan kept interest rates unchanged, while maintaining a cautious stance amid persistent inflationary pressures and geopolitical uncertainty.
Equity markets have experienced a rotation rather than a broad-based correction, which calls for greater selectivity when it comes to AI-related stocks.
Bond markets showed mixed trends: demand for high-quality government bonds picked up, while French yields rose amid concerns about the budget. Current yield levels therefore offer an attractive opportunity to generate carry, particularly through investment-grade bonds.
Our convictions are unchanged, and we continue to prioritise diversification, quality and rigour in our valuation approach. Selectivity remains essential as we approach the end of the year.
๐๐ฉ๐ช๐ด ๐ฎ๐ข๐ต๐ฆ๐ณ๐ช๐ข๐ญ ๐ช๐ด ๐ฑ๐ณ๐ฐ๐ท๐ช๐ฅ๐ฆ๐ฅ ๐ง๐ฐ๐ณ ๐ช๐ฏ๐ง๐ฐ๐ณ๐ฎ๐ข๐ต๐ช๐ฐ๐ฏ ๐ฑ๐ถ๐ณ๐ฑ๐ฐ๐ด๐ฆ๐ด ๐ฐ๐ฏ๐ญ๐บ ๐ข๐ฏ๐ฅ ๐ณ๐ฆ๐ง๐ญ๐ฆ๐ค๐ต๐ด ๐๐ฐ๐ณ๐ฎ๐ข๐ฏ ๐’๐ด ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต ๐ท๐ช๐ฆ๐ธ๐ด ๐ข๐ฏ๐ฅ ๐ข๐ฏ๐ข๐ญ๐บ๐ด๐ช๐ด ๐ข๐ต ๐ต๐ฉ๐ฆ ๐ฅ๐ข๐ต๐ฆ ๐ฐ๐ง ๐ฑ๐ถ๐ฃ๐ญ๐ช๐ค๐ข๐ต๐ช๐ฐ๐ฏ.
๐๐ถ๐ค๐ฉ ๐ท๐ช๐ฆ๐ธ๐ด ๐ข๐ณ๐ฆ ๐ด๐ถ๐ฃ๐ซ๐ฆ๐ค๐ต ๐ต๐ฐ ๐ค๐ฉ๐ข๐ฏ๐จ๐ฆ ๐ธ๐ช๐ต๐ฉ๐ฐ๐ถ๐ต ๐ฏ๐ฐ๐ต๐ช๐ค๐ฆ ๐ข๐ฏ๐ฅ ๐ต๐ฉ๐ช๐ด ๐ค๐ฐ๐ฎ๐ฎ๐ถ๐ฏ๐ช๐ค๐ข๐ต๐ช๐ฐ๐ฏ ๐ช๐ด ๐ฏ๐ฐ๐ต ๐ช๐ฏ๐ต๐ฆ๐ฏ๐ฅ๐ฆ๐ฅ ๐ต๐ฐ ๐ฃ๐ฆ ๐ถ๐ฑ๐ฅ๐ข๐ต๐ฆ๐ฅ ๐ต๐ฐ ๐ณ๐ฆ๐ง๐ญ๐ฆ๐ค๐ต ๐ด๐ถ๐ฃ๐ด๐ฆ๐ฒ๐ถ๐ฆ๐ฏ๐ต ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต ๐ฅ๐ฆ๐ท๐ฆ๐ญ๐ฐ๐ฑ๐ฎ๐ฆ๐ฏ๐ต๐ด.
๐๐ต ๐ฅ๐ฐ๐ฆ๐ด ๐ฏ๐ฐ๐ต ๐ค๐ฐ๐ฏ๐ด๐ต๐ช๐ต๐ถ๐ต๐ฆ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฅ๐ท๐ช๐ค๐ฆ, ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ณ๐ฆ๐ด๐ฆ๐ข๐ณ๐ค๐ฉ, ๐ฐ๐ณ ๐ข๐ฏ ๐ฐ๐ง๐ง๐ฆ๐ณ, ๐ด๐ฐ๐ญ๐ช๐ค๐ช๐ต๐ข๐ต๐ช๐ฐ๐ฏ ๐ฐ๐ณ ๐ณ๐ฆ๐ค๐ฐ๐ฎ๐ฎ๐ฆ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ ๐ต๐ฐ ๐ฃ๐ถ๐บ ๐ฐ๐ณ ๐ด๐ฆ๐ญ๐ญ ๐ข๐ฏ๐บ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ช๐ฏ๐ด๐ต๐ณ๐ถ๐ฎ๐ฆ๐ฏ๐ต.
๐๐ฏ๐บ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต ๐ฅ๐ฆ๐ค๐ช๐ด๐ช๐ฐ๐ฏ ๐ด๐ฉ๐ฐ๐ถ๐ญ๐ฅ ๐ฃ๐ฆ ๐ฎ๐ข๐ฅ๐ฆ ๐ด๐ฐ๐ญ๐ฆ๐ญ๐บ ๐ฐ๐ฏ ๐ต๐ฉ๐ฆ ๐ฃ๐ข๐ด๐ช๐ด ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฐ๐ณ’๐ด ๐ฐ๐ธ๐ฏ ๐ข๐ด๐ด๐ฆ๐ด๐ด๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฏ๐ฅ, ๐ธ๐ฉ๐ฆ๐ณ๐ฆ ๐ข๐ฑ๐ฑ๐ณ๐ฐ๐ฑ๐ณ๐ช๐ข๐ต๐ฆ, ๐ฑ๐ณ๐ฐ๐ง๐ฆ๐ด๐ด๐ช๐ฐ๐ฏ๐ข๐ญ ๐ข๐ฅ๐ท๐ช๐ค๐ฆ.