Monthly Update – September 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 faster pace. European stocks rose more modestly 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 strengthened slightly against a basket of other currencies last month.
US Treasury yields saw mixed movements last month. Some maturities rose and some fell. Yields remain higher for most maturities 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 increased. Brent and WTI crude oil prices did not show significant movements in the same period.
The current key interest rate set by the US Federal Reserve is between 4.00% and 4.25%. 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 continue to fluctuate around this level.
Inflation in the US and the euro area is at an acceptable level. The latest annual inflation rate is 2.90% in the US and 2.00% in the euro area.
Macro environment:
USA
GDP Growth: 3.80
Interest Rate: 4.25
Inflation: 2.90
Jobless Rate: 4.30
Euro Area:
GDP Growth: 0.10
Interest Rate: 2.15
Inflation: 2.00
Jobless Rate: 6.20
Government bond yields:
USA (USD)
1Y: 3.67
2Y: 3.61
10Y: 4.13
20Y: 4.69
Germany (EUR)
1Y: 1.93
2Y: 2.03
10Y: 2.71
20Y: 3.19
Significant positions in the portfolio:
BRK.B - Berkshire Hathaway Inc
IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF
TLT - 20+ Year Trsy Bond Ishares
PLTR - Palantir Technologies Inc
WBD - Warner Bros Discovery Inc
NEM - Newmont Mining Corp
C - Citigroup
RWE.DE - RWE AG
INTC - Intel
MKL - Markel Corp
Best regards,
Jaroslav Spacil... Show More
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Sun Mar 08 2026 08:07:59 GMT+0000 (Coordinated Universal Time)
