“As we are entering the second half of the year, it is time to pause and reflect on the year so far. Since January, we witnessed a slow but accelerating roll-out of vaccines. As more people were vaccinated and economies re-opened we saw an acceleration of global economic growth. This in turn provided a boost to company earnings and lifted equity markets and other risky assets.”
The second half of the year is likely to be more challenging. Indeed, positive news about the reopening of the economies are now largely priced in and analysts have already revised up company earnings. Moreover central banks will start thinking about reducing their supportive policies now that the economies are re- covering from the pandemic. Read more at the link..
INVESTMENT CONVICTIONS July 2021 (pdf download)
