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Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the first quarter of 2021.

Macroeconomic environment

  • Structural obstacles to economic growth persist, but growth could be temporarily accelerated by cyclical factors.
  • The trend towards higher public spending points towards higher inflation in the longer term.
  • While monetary and fiscal orthodoxy is crumbling in the West, it still prevails in the East.

Financial markets

  • Equity valuations increased in 2020 for the second consecutive year and are now at high levels.
  • High multiples will weigh on future returns. 
  • In an environment in which interest rates are kept at artificially low levels, equities can serve as a hedge in a higher inflation regime.

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