On the one hand, key economic data show a certain slowdown in economic growth. This reflects the impact of the second wave of Covid-19. On the other hand, we can expect to see more economic stimulus over the next few weeks and months, and whole swathes of the population are likely to gain access to vaccines in 2021. Financial markets look like they are heading into a so-called transition phase, in which we are likely to see additional frequent swings between more positive and less positive newsflow. Against this backdrop, an even more balanced investment policy appears the right response. We have therefore implemented an even more balanced investment spread as we enter the new investment year.

2020 was a difficult but above all volatile year. We must assume that the coronavirus pandemic and the attempts to combat it with vaccines will remain the most important – and indeed an unpredictable – factor for the global economy. It is vital that central banks and governments continue to provide monetary and fiscal stimulus. The low comparative base for corporate earnings in a poor 2020 should enable 2021 to record high year-on-year growth. But pre-pandemic levels of global economic output and corporate earnings will hardly be easy to achieve this year.

We are currently living through an era of change, in which a clearly identifiable shift in social attitudes is evident. It involves a more conscientious lifestyle and a desire for greater transparency and disclosure.