Autor: Gérard Piasko, Chief Investment Officer

Reflation should allow equities to outshine bonds.

Investment Policy, April 2021

Author: Gérard Piasko, Chief Investment Officer

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Investment Policy

Reflation should allow equities to outshine bonds

Reflation has emerged as a key topic of discussion in the financial markets. Past experience of reflationary phases shows that – in the great majority of cases – although market volatility rises, equities deliver a clearly superior overall return in the medium term compared to bonds. This is a common phenomenon in situations where inflation rises from a low level and is accompanied by strong economic growth that boosts corporate earnings. Given this scenario, it would come as no surprise if impressive medium-term global value stocks with relatively cheap valuations in a historical comparison were to perform impressively.

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Consequence of coronavirus: a strengthening of structural trends

The coronavirus crisis is changing our habits and activities. It is accelerating a number of trends that were already evident before the pandemic began. In many cases, these trends are “disruptive”, i.e. they are structurally changing the economy as well as a number of industry sectors and markets at certain breakpoints. We have identified “7 corona trends” that are increasingly affecting our economic environment and seem unlikely to disappear even after a return to “normality”.

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Return opportunities with sustainable investments

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.

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