What we offer

We help you achieve your financial goals.

We listen, advise, invest,

since 2007

Delcap is a client-focused investment firm, providing investment solutions and portfolio management services to individuals, institutions, and foundations.

Delcap is a client-focused investment firm, providing investment solutions and portfolio management services to individuals, institutions, and foundations.

Founded

+

Clients across Belgium and Europe

+

(million €) assets under management
or advice (as at 30/06/2023)

~

(billion €) assets under monitoring
Founded

+

Clients across Belgium and Europe

+

(million €) assets under management or advice
(as at 30/06/2023)

~

(billion €) assets under monitoring

What we offer

01

Your dedicated
Index Portfolio

Delcap manages traditional and SRI portfolios through ETF and index funds.

Your dedicated
Index Portfolio

With your index portfolios, we replicate the global market performance, using index and exchange traded funds. We build a tailored portfolio in line with the client’s risk profile and investment objective. Furthermore, every strategy has its SRI equivalent, with a best-in-class selection of socially responsible equity investments.

02

DBI/RDT
Portfolio

Investing with your company with a specific tax regime.

DBI/RDT
Portfolio

Our experts independently analyse the various DBI/RDT-SICAVs offered on the Belgian Market. The Delcap DBI/RDT-portfolios are built with the best performing funds in this analysis. A unique offer for companies focusing on diversification, return and cost efficiency.

03

Delcap
Funds

Discover our impact and stable return strategies with
TowerView funds.

Delcap Funds

TowerView Impact invests in equity funds, which focuses on companies whose products and services have a positive impact on the environment and people.


TowerView Stability invests in a diversified portfolio of equity and fixed income funds, seeking to reach a performance of 2-3% above short-term interest rates, while limiting volatility and temporary losses.

04

Private
Equity

Potential superior
returns by investing in
Private Equity.

Private
Equity

Delcap creates feeder funds to allow individual investors to invest with managers that we have known for several years. These investment vehicles are incorporated under Belgian law and require a long-term investment horizon (10 to 12 years).

03

Monitoring
Services

Asset supervision and reporting for investors with complex wealth.

Monitoring
Services

Delcap offers high-level asset monitoring for non-profit organisations, foundations and companies entrusted with sizeable financial assets. Delcap also offers these services to families.

Delcap has signed the UNPRI

Delcap has become a signatory of the United Nations Principles for Responsible Investment (UNPRI).

By being part of the internationally recognized PRI, it allows Delcap to openly show its commitment to shape a more sustainable financial system.

Read more

Your portfolio,

in one click

Follow your assets portfolio and its performance online on My Delcap.

A clear and dynamic real-time visualisation of your portfolio.

Consult your performance

Wherever, whenever

100 % mobile

  My Delcap

Consult your performance

Wherever, whenever

100 % mobile

For a better financial experience.

With Delcap, you get an experienced partner that looks out for you.


BRUSSELS

13 TEAM MEMBERS

HIGH LEVEL OF SERVICE

LOCAL TOUCH

GLOBAL REACH

For a better financial experience.

With Delcap, you get an experienced partner that looks out for you.

BRUSSELS

13 TEAM MEMBERS

HIGH LEVEL OF SERVICE

LOCAL TOUCH

GLOBAL REACH

Would you like to know more?



Would you like to know more ?


Latest News

02 Oct, 2023
Equity markets: Global losses due to Fed’s hawkish statements World equities declined by 1.7% in euro and 3.5% in local currencies. The main market driver was the FOMC meeting on September 19-20. As expected, the Fed did not raise its Fed Funds target range. However, Fed chairman Jerome Powell delivered a rather hawkish speech. He insisted on inflation remaining elevated, while the US economy still grows at a healthy pace. As a result, one final hike is expected before year end, but the pace of monetary easing should be slow in 2024. The latest US CPI , published on September 13, did not justify a softer tone by the US central bank. The CPI rose from 3.2% to 3.7% in August. Core inflation (ex Food & Energy) declined from 4.7% to 4.3%, but both indices are still well above the 2% official objective. The higher for longer interest rates outlook had a negative impact on US equities , which dropped a lot more than European and emerging market equities . Unlike other sectors , energy was up as WTI crude rose (+9%) above 90 USD/bbl. Bond markets: US Treasury Bonds yield reaches its peak since 2007 Jerome Powell’s message pushed bond yields higher. The yield on 10-year US Treasury Bonds surged from 4.11% to 4.57%, a level last observed in 2007. The yield on 10-year Bunds rose from 2.47% to 2.84%. September was therefore not a good month for bond markets . The Bloomberg Global Aggregate EUR-Hedged Index, representing the global investment grade universe, was down 1.9%. Corporate bonds declined less than sovereign bonds. High yield corporate bonds outperformed. The average for Euro-denominated bonds was even slightly positive. Currencies: gold and EUR/USD rate impacted by high interest rates Suffering from higher interest rates, gold fell by 4.7% in USD. The US dollar strengthened on the back of the Fed’s hawkish tone. It gained 2.6% vs the euro , thereby reducing losses on US assets for eurozone investors.
white, house, pool, blue, water
01 Sept, 2023
Equity markets: volatility is back World equities were weaker in August (-1.3% in euro and -2.1% in local currencies). The Fed’s monetary policy remained at the heart of investors’ concerns. During the first half of the month, sentiment deteriorated on fears of more tightening, and equities dropped by about 5%. As the outlook then turned into a more dovish scenario, equities rebounded and almost erased their losses. Jerome Powell delivered a highly anticipated speech at the Jackson Hole annual central banker gathering but did not move the markets. He simply confirmed the Fed’s inflation target (2%) while taking into account a range of economic indicators. Analysts generally expect no hike at the next meeting (September 20) and a final hike (+25 bps) at the following meeting (November 1). The Federal Reserve has no particular reason to worry about the economy. The US GDP rose by 2.2% during the second quarter. Inflation is moving in the right direction but remains too elevated to cut rates. The US CPI rose by 3.2% in July and the Core CPI (ex Food & Energy) was up 4.7% over 12 months. Eurozone economic indicators are weaker. Second quarter GDP growth was only +0.6% and inflation is higher than in the US. Core inflation (5.5%) is sticky. Emerging markets underperformed, mostly due to China. The People’s Bank of China cut rates for the second time as economic indicators deteriorated. Mid and small cap stocks fell more than large caps. Sector dispersion was limited. Energy and healthcare outperformed. Bond markets: long-term rates approaching peak Bond markets were relatively quiet. Long term rates rose modestly. The yield on 10-year T-bonds went from 3.96% to 4.11%. 2-year yields in USD and EUR declined marginally. The Bloomberg Global Aggregate EUR-Hedged Index, representing the global investment grade bond universe, was down 0.3%. Corporate high yield bond indices rose modestly. 3-month treasury bills currently offer a higher yield than 2-year bonds, as the Fed and the ECB are expected to cut rates in 2024 and 2025. Currencies and commodities: euro weakens in comparison to the dollar The euro depreciated vs. the dollar (-1.4%) but gained 3.5% vs. the NOK. Gold declined by 1.3% in USD (stable in EUR). Crude oil rose by 2% (83.6 USD/bbl at month end).

Latest News

02 Oct, 2023
Equity markets: Global losses due to Fed’s hawkish statements World equities declined by 1.7% in euro and 3.5% in local currencies. The main market driver was the FOMC meeting on September 19-20. As expected, the Fed did not raise its Fed Funds target range. However, Fed chairman Jerome Powell delivered a rather hawkish speech. He insisted on inflation remaining elevated, while the US economy still grows at a healthy pace. As a result, one final hike is expected before year end, but the pace of monetary easing should be slow in 2024. The latest US CPI , published on September 13, did not justify a softer tone by the US central bank. The CPI rose from 3.2% to 3.7% in August. Core inflation (ex Food & Energy) declined from 4.7% to 4.3%, but both indices are still well above the 2% official objective. The higher for longer interest rates outlook had a negative impact on US equities , which dropped a lot more than European and emerging market equities . Unlike other sectors , energy was up as WTI crude rose (+9%) above 90 USD/bbl. Bond markets: US Treasury Bonds yield reaches its peak since 2007 Jerome Powell’s message pushed bond yields higher. The yield on 10-year US Treasury Bonds surged from 4.11% to 4.57%, a level last observed in 2007. The yield on 10-year Bunds rose from 2.47% to 2.84%. September was therefore not a good month for bond markets . The Bloomberg Global Aggregate EUR-Hedged Index, representing the global investment grade universe, was down 1.9%. Corporate bonds declined less than sovereign bonds. High yield corporate bonds outperformed. The average for Euro-denominated bonds was even slightly positive. Currencies: gold and EUR/USD rate impacted by high interest rates Suffering from higher interest rates, gold fell by 4.7% in USD. The US dollar strengthened on the back of the Fed’s hawkish tone. It gained 2.6% vs the euro , thereby reducing losses on US assets for eurozone investors.
white, house, pool, blue, water
01 Sept, 2023
Equity markets: volatility is back World equities were weaker in August (-1.3% in euro and -2.1% in local currencies). The Fed’s monetary policy remained at the heart of investors’ concerns. During the first half of the month, sentiment deteriorated on fears of more tightening, and equities dropped by about 5%. As the outlook then turned into a more dovish scenario, equities rebounded and almost erased their losses. Jerome Powell delivered a highly anticipated speech at the Jackson Hole annual central banker gathering but did not move the markets. He simply confirmed the Fed’s inflation target (2%) while taking into account a range of economic indicators. Analysts generally expect no hike at the next meeting (September 20) and a final hike (+25 bps) at the following meeting (November 1). The Federal Reserve has no particular reason to worry about the economy. The US GDP rose by 2.2% during the second quarter. Inflation is moving in the right direction but remains too elevated to cut rates. The US CPI rose by 3.2% in July and the Core CPI (ex Food & Energy) was up 4.7% over 12 months. Eurozone economic indicators are weaker. Second quarter GDP growth was only +0.6% and inflation is higher than in the US. Core inflation (5.5%) is sticky. Emerging markets underperformed, mostly due to China. The People’s Bank of China cut rates for the second time as economic indicators deteriorated. Mid and small cap stocks fell more than large caps. Sector dispersion was limited. Energy and healthcare outperformed. Bond markets: long-term rates approaching peak Bond markets were relatively quiet. Long term rates rose modestly. The yield on 10-year T-bonds went from 3.96% to 4.11%. 2-year yields in USD and EUR declined marginally. The Bloomberg Global Aggregate EUR-Hedged Index, representing the global investment grade bond universe, was down 0.3%. Corporate high yield bond indices rose modestly. 3-month treasury bills currently offer a higher yield than 2-year bonds, as the Fed and the ECB are expected to cut rates in 2024 and 2025. Currencies and commodities: euro weakens in comparison to the dollar The euro depreciated vs. the dollar (-1.4%) but gained 3.5% vs. the NOK. Gold declined by 1.3% in USD (stable in EUR). Crude oil rose by 2% (83.6 USD/bbl at month end).
01 Aug, 2023
Equity markets: Nasdaq 100 close to all-time high World equities remained very well oriented in July with strong gains of 2.6% in euro and 3.2% in local currencies. The first semester laggards outperformed in July. This included small and mid-caps stocks , up between 4 and 5% in Europe and even a bit more in the US. Emerging market equities , and Chinese equities in particular, made up some lost ground vs. developed markets. At the other end, the Eurostoxx 50, representing Euozone’s largest companies, was up “only” 1.7%. Performance dispersion between sectors diminished. Financial and energy stocks posted strong returns. The IT sector continued to make progress, but in line with broader indices. The Nasdaq 100 gained 3.8%, mainly thanks to the performance of Nvidia, Alphabet and Meta Platforms (> +10%). The index is not far from its high reached in November 2021. It is up 44.5% year to date. To find an even stronger performance over 7 months, one would have to go back to 2009 (rebound following the global credit crisis) and 1999/early 2000 (creation of the internet bubble). Bond markets: stronger investor confidence July was not such a good month for bonds . The Bloomberg Global Aggregate EUR-Hedged Index, which represents the global investment grade bond universe, declined by 0.1%. This slightly negative performance was due to government bonds. The yield on 10-year Treasury bonds rose from 3.84% to 3.96%. Likewise, the yield on 10-year Bunds rose by 10 bps and closed the month at 2.49%. Corporate bonds provided positive performance. Euro-denominated corporate bonds were up 1.1%, with little difference between investment grade and high yield bonds. Comparing the earnings yield on the S&P 500 (4.7%) and on 10-year Treasuries (3.96%), there is a 0.7% premium to own equities. This difference is minimal. It was 1.8% at the beginning of the year. It shows high confidence among investors. In the same vein, the price earnings ratio on Nasdaq 100 is close to 29 for 2023 and 24.5 for 2024. Central banks: further increase in key rates The Federal Reserve and the European Central Bank hiked interest rates by a quarter point. The Fed’s new target range is 5.25% - 5.50%. In its statement, the US central bank let the door open for a pause at the next meeting, depending on inflation getting closer to 2%. US inflation is definitely slowing down. The latest CPI release was 3% for June compared to 4% in May. The Fed also looks closely at the Core CPI, which went down to 4.8%. The European Central Bank raised its deposit rate to 3.75%. Its statement included encouraging signs on inflation, but balanced by the fact that underlying inflation remains high. Currencies and commodities: euro demonstrates resilience against dollar, while gold and oil prices surge The euro rose slightly vs the dollar (+0.8%) but weakened vs. other currencies, mostly the NOK (-4.9%). Despite lower inflation and higher interest rates, gold gained 2.4% in USD. Crude oil went up by about 15% 
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