Dorval Asset Management is renowned for its active and conviction-driven asset management approach, and our commitment also means providing you with details of our response to the controversy surrounding Solutions 30 last week, as we take a fully transparent approach and also comply with regulation. 
François-Xavier Chauchat
In addition to Dorval Asset Management’s Great Place to Work and Best Workplace France 2020 certifications, the company is today awarded the Best Workplaces For Women 2020 accreditation by monthly publication Marie Claire’s Think Tank Act for Equality, whose members include the Great Place to Work organization, in conjunction with the Connecting Leaders Club.
You hold units in the Dorval Global Convictions Fund and we thank you for the trust you have placed in us. 
François-Xavier Chauchat
The process of upward revision to economic growth has started. Household consumption resumed more quickly and more decisively than expected when economies reopened, and continued very high household savings rates mean that significant potential for additional growth remains.
The world economy is now picking up after being forced into an induced coma mid-way through the first half of the year. Moves to reopen the economy are already driving a clear upturn, but a number of uncertainties still remain on the outcome for our ailing patient and warrant some shock treatment. The world economy has every chance of recovering over the quarters ahead, as it is powerfully shored up by income guarantees from steadfast central banks, along with massive fiscal stimulus programs. This recovery momentum now sets the foundations for Dorval Asset Management’s current portfolio organization.
François-Xavier Chauchat
As the severe confinement ends, questions arise about the political, fiscal, social, economic and financial consequences of the coronavirus crisis. Tensions are already rising again between the United States and China, and the German Constitutional Court has just issued a destabilizing ultimatum to the ECB, giving it three months to justify some aspects of its public debt purchase program.
François-Xavier Chauchat
François-Xavier Chauchat
As with previous epidemics (SARS, H1N1, etc.), the coronavirus will have a temporary and reversible negative impact on the Chinese and global economy. This epidemic is emerging at a time when indicators confirm that the recessionary forces at work since spring 2018 in the global industrial sector are dissipating.
Dorval AM wishes you a very happy new year and presents its view of the paradigm change in the wealth management industry.

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