Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario.</li><li>While our portfolio returns have mostly mirrored that regime (outside of Crypto), we have to admit that the growth component of the equation has slowed somewhat relative to our model base case.</li><li>We reassess the picture on a macro level and on a quant basis in this analysis.</li></ul>

Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario.While our portfolio returns have mostly mirrored that regime (outside of Crypto), we have to admit that the growth component of the equation has slowed somewhat relative to our model base case.We reassess the picture on a macro level and on a quant basis in this analysis.

Macro Regime Indicator – Growth is the dark horse in July..