The context we are referring to continues to look optimal, but priced for the majority. The US are quickly recovering, increased vaccinations in the Eurozone should be favouring it from a macroeconomic perspective, and China is at its re-acceleration peak.
The profile of our investment choices become less pro-cycle, by profiting off the US' duration underweight and the equity market's overweight.
We're reinforcing the duration underweight for German titles and increase our relative preference for European stocks.
Audio recorded on 29.04.2021