![]() Total global demand for gold expanded 18% year-over-year in 2022, reaching its highest level since 2011, according to the World Gold Council (WGC). Gold was one of the best-performing assets in 2022, down a negligible 0.28%, compared to a loss of 18.13% for the S&P 500 and a decrease of 13.01% for government and corporate bonds. Both its fashion and leather goods business and wines and spirits business reached record levels of revenue and earnings in 2022.” The Paris-based company recorded a profit of 21.1 billion euros ($22.8 billion), a 23% increase from 2021. I was especially pleased to see that LVMH, the world’s largest luxury conglomerate, posted an incredibly strong 2022, despite the economic headwinds. In the years preceding the pandemic, Chinese travelers were historically the biggest spenders on luxury goods on a per-capita basis. ), the only luxury-focused mutual fund available to U.S. “I believe China’s reopening will also be constructive for our Global Luxury Goods Fund ( In the fourth quarter of 2022, shares of Asian airlines, as measured by the Bloomberg Asia Pacific Airlines Index, rose 17.51%, compared to the NYSE Arca Airline Index, which fell 8.60%, mostly on winter weather-related delays and groundings in the U.S. “China finally relaxed its zero-Covid travel policy after three long years, which I believe is bullish for our U.S. economy continues to expand at a healthy clip,” Mr. “The good news is that Inflation is abating, and the U.S. In December alone, outflows were $86 billion.”Ĭhina Finally Opened Its Economy, Lifting Asian Airlines and Luxury Sales ![]() U.S.-based mutual funds and ETFs saw collective net outflows of $370 billion in 2022, the first annual loss since Morningstar began tracking this data in 1993. “Investors appeared to minimize risk on fears that persistently high inflation and interest rate hikes might trigger a recession. “2022 was a particularly challenging year for capital markets, with a historic drop in both stocks and bonds, and against this backdrop, I’m pleased that we managed to generate positive income in the second quarter of fiscal 2023,” says Frank Holmes, the Company’s CEO and Chief Investment Officer. The Company was delayed in submitting its financial results for the quarter ending December 31, 2022, but with the December 2022 quarter results now filed, the Company is focusing on preparing and submitting the financial statements for the quarter that concluded on March 31, 2023. Total AUM at December 31, 2022, was $2.4 billion, an increase of approximately $112 million from the previous quarter. ![]() The Company recorded net income of $869,000, or $0.06 per share.Īverage assets under management (AUM) for the three-month period ended December 31, 2022, were $2.5 billion. ) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold mining to emerging markets, today reported operating income of $908,000 for the quarter ended December 31, 2022, on total revenues of $3.7 million. The content is current as at date of publication.SAN ANTONIO, J(GLOBE NEWSWIRE) - U.S. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782. Past performance does not necessarily indicate a financial product’s future performance. You should consider the advice in light of these matters and if applicable the relevant Product Disclosure Statement before making any decision to invest. To obtain advice tailored to your situation, contact a financial advisor. For more information refer to our Financial Services Guide. Any general advice has been provided without reference to your investment objectives, financial situations or needs. To the extent any content is general advice, it has been prepared by Morningstar Australasia Pty Ltd (ABN 95 090 665 544, AFSL: 240892). Additionally, important disclosures regarding these research reports, methodologies and Morningstar can be found under the legal section on this site. Full research reports are available from Morningstar. Certain content provided may constitute a summary or extract of a full research report. Neither Morningstar, its affiliates, nor the content providers are responsible for any investment decisions, damages or losses resulting from, or related to, the content, data and analyses or their use. The content provided does not constitute investment advice, is provided solely for information purposes, is not an offer to buy or sell a security, and is not warranted to be correct, complete or accurate. ![]() Information on this site is intended for Australian users only. ![]()
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