Jaroslav Spacil
Czech Republic
1mo
Monthly Update – January 2026 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 rose at a faster 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 rose last month for both shorter and longer maturities. Yields for 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 also rose during 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 1.90% in the euro area. Macro environment: USA GDP Growth: 4.40 Interest Rate: 3.75 Inflation: 2.70 Jobless Rate: 4.40 Euro Area: GDP Growth: 0.30 Interest Rate: 2.15 Inflation: 1.90 Jobless Rate: 6.20 Government bond yields: USA (USD) 1Y: 3.48 2Y: 3.53 10Y: 4.24 20Y: 4.83 Germany (EUR) 1Y: 1.99 2Y: 2.07 10Y: 2.84 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 VOW3.DE - Volkswagen AG ETOR - eToro Group LTD MKL - Markel Corp OXY - Occidental Petroleum Corp FNV - Franco-Nevada Corp Best regards, Jaroslav Spacil
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