Are stocks a winter sport?
September doesn't have the best reputation in the stock market almanac, typically being one of the weakest months of the year. The month also began with falling prices, but global stock markets gradually recovered and ended more or less unchanged. The funds performed largely in line with the overall market. After the earnings season concluded, the news flow was quieter, with some notable individual company events. If we exaggerate, a quiet September is a good September. Outside our core segments, we have seen several profit warnings, primarily in sectors exposed to the end consumer.