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LGT Beacon: Investment outlook for Q4/2020

September 16, 2020

Following our quarterly strategy review, we are adding to our equity positions, while trimming our fixed-income quota. Despite a global V-shaped economic rebound, most investors seem to remain rather cautious and underinvested, which leaves room for further stock market gains in the coming months. We also keep a big overweight in gold as an alternative safe asset in an era that prioritizes reflation.

Last week we concluded our quarterly tactical asset allocation review and set our investment positioning for the quarter.

The past few months' economic data was stronger than expected, supporting the case of a V-shaped recovery. Pent-up demand with consumers and unprecedented support from governments and central banks have fueled an impressive rebound in numbers, ranging from retail sales to home buying to automobile production. The current economic activity indicators, which comprise a multitude of such high-frequency data, clearly illustrate that.

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Note: The next edition of the LGT Beacon is scheduled for October 2020.