The managers visited were Macro, Commodity and Digital Asset managers.

Managers were focusing on the upcoming US presidential election, evaluating the market impact of various scenarios, depending on the elected candidate and on the majority at the Senate and House of Representatives.

In particular, managers were considering possible changes in fiscal policy and the introduction of new tariffs, which were considered as inflationary.

Some managers had a bias to the so-called “Trump trade”, i.e. long US equities, long USD vs. currencies such as EUR, JPY, CNH, and short US fixed income.Some other managers had reduced exposure and were maintaining longer-term positions such as short S&P 500.

Elsewhere, Macro managers viewed Europe in a weak economic position and China continuing to slow down.

Among commodity managers, some were maintaining their long copper exposure.