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Experts

September 2, 2025

Syconvictions September 2025

The summer was characterised by low volatility across equity markets, robust corporate earnings, inflation now under control, and the prospect of rate cuts in the United States. As a result, US equity markets rose by over 4%, smashing their previous records, and valuations are moving closer to the all-time highs recorded in 1999-2000.

To paraphrase Warren Buffet: “be fearful when others are greedy”. In times such as these, it is important to survey the potential risks that will need to be managed, as well as the opportunities. At Sycomore, we have chosen to focus on the extreme index concentration and stock dispersion observed in and around the technology sector in the United States and defence and banks in Europe, by actively researching new pools of investment ideas. Now that visibility has improved with the end of the trade negotiations, we feel the time is right to re-examine the European export company segment, which has under-performed domestic companies by a wide margin since the beginning of the year.

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Syconvictions September 2025

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