Investment compass – February 2021

The monthly newsletter includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.

Investment isn’t just for millionaires

The wider public seems to have taken greater interest in the stock market and investments recently. That’s great, but not every strategy will prove successful in the long term.

Positioning

US equities well positioned for recovery

In light of higher inflation forecasts, we are closing our position in inflation-protected bonds. We’re maintaining our neutral equity allocation and focusing on US equities over European ones.

The perpetual motion machine still hasn’t been invented, even in the 21st century.

Market overview

Equity market rally enters the next phase

A euphoric mood amongst investors is continuing to drive global equity markets to new record highs. Investments that offer strong returns are proving popular, regardless of the risks involved. Emerging market equities and corporate bonds are benefiting as a result. The value of government bonds is falling due to an increase in inflation forecasts.

Economy

Shift in consumption, rather than abstention from consumption

The current growth figures are surprisingly robust. In contrast to the first lockdown, consumers are not putting aside any money not spent due to restrictions, but are spending it in areas where they still can. This is benefiting economic development.

Model portfolios

An economic upturn is putting bonds under pressure

With growing economic momentum, it is anticipated that central banks will adopt a more cautious policy.

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Investment compass

Information relevant to your investment decisions. The “PostFinance house view”, complete with our position on and assessment of the financial markets and the overall economic situation.

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Investment compass compact

For independent investment decisions: concise, crystal-clear information on the financial markets and the overall economic situation.

The newsletter is aimed at customers domiciled in Switzerland. The legal information and information on the protection of personal privacy apply.