Recent political events have further reaffirmed the US commitment to sustained monetary and fiscal policy largesse, which has boosted inflation and growth expectations to desirable levels. At the same time, signs of speculative excesses in some market segments and one-sidedly bullish positioning point to the risk of further occasional setbacks.
In this report, we revisit the main macro developments since the start of the year and conclude with an update on our investment strategy for the coming months. The main points can be summarized as follows:
As a result, we believe our overall tactical investment positioning, adopted at the end of last year, remains appropriate. While refraining from large increases in risk exposure for now, we focus on active rebalancing and on utilizing interim opportunities to earn additional returns.
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Note: The next edition of the LGT Beacon is scheduled for March 2021.