Monthly Update – December 2025
Commentary:
US equity markets, as measured by the S&P 500, rose last month. Technology stocks, as measured by the NASDAQ 100, rose at a similar pace. European stocks also rose at a very similar pace last month, as measured by the Euro Stoxx 50. Looking at the MSCI global index, we see that global equities as a whole rose. Overall, it was a positive month for equity markets.
The US dollar weakened against a basket of other currencies last month.
US Treasury yields saw mixed movements last month. The shortest maturities fell slightly, while longer maturities rose slightly. Yields on most maturities remain higher than in previous years, providing investors with more attractive returns than in the past. These higher yields may also put pressure on equity prices.
In the precious metals market, gold and silver prices rose. Brent and WTI crude oil prices fell over the same period.
The current key interest rate set by the US Federal Reserve is between 3.50% and 3.75%. Current policy and expectations suggest that we can continue the downward trend and further gradual rate cuts are expected in the future. However, the outlook remains uncertain as the inflation situation and the economic impact of interest rates are continuously assessed.
The European Central Bank has maintained its key interest rate at 2.15% and is expected to remain around this level.
Inflation in the US and the euro area is at an acceptable level. The latest annual inflation rate is 2.70% in the US and 2.10% in the euro area.
Macro environment:
USA
GDP Growth: 4.30
Interest Rate: 3.75
Inflation: 2.70
Jobless Rate: 4.60
Euro Area:
GDP Growth: 0.30
Interest Rate: 2.15
Inflation: 2.10
Jobless Rate: 6.40
Government bond yields:
USA (USD)
1Y: 3.49
2Y: 3.49
10Y: 4.14
20Y: 4.78
Germany (EUR)
1Y: 2.05
2Y: 2.15
10Y: 2.86
20Y: 3.39
Significant positions in the portfolio:
BRK.B - Berkshire Hathaway Inc
IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF
WBD - Warner Bros Discovery Inc
TLT - 20+ Year Trsy Bond Ishares
C - Citigroup
MKL - Markel Corp
VOW3.DE - Volkswagen AG
ETOR - eToro Group LTD
SOFI - SoFi Technologies Inc
OXY - Occidental Petroleum Corp
Best regards,
Jaroslav Spacil... Show More
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Fri Mar 13 2026 02:46:29 GMT+0000 (Coordinated Universal Time)
