Antifragile investing

Managing assets in order to preserve wealth across generations and prosper through economic cycles

Noble Capital Management

We are an investment management company specialized in transforming volatility and uncertainty into opportunity. Through the years, we have developed a strong expertise on derivatives and precious metals, the roots of our antifragile approach.

2015

Launching of NCM SA a Swiss Company, established in Geneva

1

Billion CHF assets under management

2021

Obtaining the FINMA license for collective asset manager

Activities

Portfolio Management

Advisory services & managed accounts for UHNWI and Family Offices

Advisory    |    Discretionary    |    Execution

Fund Management

NCM Enhanced Physical Gold Macro Fund

A Swiss hedge fund providing an anti-fragile strategy in an increasingly unstable environment

NCM Global Equity Selection Fund

A flexible alpha generating approach through stock picking capabilities combined with sectorial and style rotations

NCM Fixed Income Opportunities Fund

An active strategy focusing on corporate bond special situation opportunities

Antifragility:
the ability to improve from shocks and disorder

Nassim Nicholas Taleb

News & Insights

Market review Q1 – 2024

Market review Q1 – 2024

The strong momentum from the last two months of 2023 carried into 2024. The S&P 500 rose 10.2% in Q1, the best start to the year since 2019 and the 14th-best since 1926. Gains were broad-based, with all seven major MSCI country/region indices, all nine Russell style boxes, and 10 out of 11 S&P 500 sectors ending the quarter ahead of where they started. Unlike late-2023, stocks did not get any help from bonds. The Bloomberg U.S. Aggregate Index slipped 0.8% in the first three months of 2024.

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Market review Q4 – 2023

Market review Q4 – 2023

The narrative for much of 2023 was that a handful of mega-cap tech stocks were masking underlying weakness. For parts of the year, it was an accurate description. By early November, the median year-to-date return of eight broad asset classes was on pace to be negative for only the 10th time since 1972. The year-end rally changed the narrative. Not only did the S&P 500 surge 15.8% from its October 27 low into year end to bring its 2023 gain to 24.2%, but also gains were extraordinarily broad-based.

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What an unusual combination!

What an unusual combination!

After a torrid start to the year, equities pulled back in the third quarter. Not only did the S&P 500 Index post its first negative quarter since Q3 2022, all nine Russell style boxes, nine out of 11 S&P 500 sectors, and five out of seven MSCI major country/region indices fell in Q3. Pinning the direction of the $43 trillion U.S. stock market on any one factor would be an oversimplification, but the overarching theme of the third quarter was the transition from relief that a U.S. recession was not imminent to uncertainty over what stronger-than-expected growth and potentially troughing inflation rates mean for monetary policy. The macro backdrop also explains why economically-sensitive commodities and the Energy sector outperformed while inflation-sensitive bonds underperformed in Q3.

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Team

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