Dear partners, legal counsel, and compliance specialists,
The first quarter of 2025 proved to be an exceptionally challenging period for global financial markets. Heightened volatility was driven by several factors, including a sharp increase in tariffs, escalating geopolitical tensions, and a significant slowdown in the economic growth of the world’s largest economies. These events led to a pronounced decline in key stock indices:
- S&P 500 — -17.5 %
- Nasdaq Composite — more than -20 %
- Dow Jones Industrial Average — -15 %
Portfolio Performance
Our company’s portfolios were also affected by these conditions. The combined loss for the Monaco and Geneva portfolios amounted to approximately -17.2 % of their initial asset value, remaining within the predetermined risk parameters that allow for a drawdown of up to 30 % over a 10–15-year horizon.
Current Asset Structure
Despite current results, the composition of both portfolios—built around carefully selected assets in the technology sector, pharmaceuticals, consumer segment, and defensive holdings (gold)—allows us to look to the future with confidence. Key positions include:
- Technology: ASML, Alphabet, Microsoft, Apple, Amazon, Adobe
- Pharmaceuticals: Eli Lilly, Johnson & Johnson
- Consumer sector
- Defensive assets: gold (XAU/USD)
Financial Stability
The company currently carries no debt, greatly reinforcing our financial standing and enabling effective risk management amid ongoing uncertainty.
Next Steps
Management has decided to postpone the next portfolio rebalancing to 1 July 2025 in order to more accurately assess market developments and avoid unwarranted actions during heightened volatility.
We continue to monitor markets actively, analyse incoming information promptly, and stand ready to take any necessary measures to protect and grow the capital of our shareholders and partners.
Sincerely,
Lazar Shaulov,
Managing Director, Onery Overseas Limited
7 April 2025