September was a very good month for the AEX, with a gain of +5.15%.
This was the first increase in four months.
For September, the figures for the RVM systems were: RVM Strategy +0.97%; RVM Retirement +0.97%.
This marks the third consecutive month that the systems have set new all-time highs.
THE MARKET IN SEPTEMBER: ASML
The month started with two days of decline, but from there it went crescendo. Buying appetite returned after three months of a lower AEX.
The reasons for this are not easy to pinpoint; economically, there were no particular changes. Suddenly, there was more optimism about ASML.
Did analysts predict this? No. On September 2, Bank of America lowered its target price for ASML. UBS, on the other hand, raised its target price on September 5.
September, Berenberg lowered its target price on September 8. On September 9, it was announced that ASML would invest more than €1 billion in Mistral AI.
a privately held French startup. However, this did not significantly impact the share price, which had already risen sharply but remained stable for a few days.
Then, on September 19, Bank of America suddenly raises its target price for ASML. On September 2, it was still a reduction to 724. On 19
In September, the target price suddenly becomes €941. That's how it goes. These kinds of recommendations lag behind sentiment, but they do give it an extra boost in the short term.
Through the rise of ASML, ASM International, Be Semiconductor, but also, for example, ArcelorMittal (weapons manufacturers need steel) and Prosus,
the AEX rose.
EURO VERSUS US DOLLAR
The USD weakened slightly again in September, which was unfavorable for investors in the eurozone who have investments in the US.
HOW DID OUR TRADE GO?
It's never easy, that much is clear, but the algorithm steered our trading well, there were no issues. This time there was no difference in
return between RVM Strategy and RVM Retirement.
That concludes this update.
Good luck with your investments!
Sincerely,
On behalf of Van Megen Systematic Trading,
Ruud van Megen
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