Q3 2021 CIO Update Video
We observe increasing signs that the recovery phase of the economy is over and we are now entering a mid-cycle consolidation period. Watch the latest Q3 2021 CIO Update video, in which CIO Philipp Bärtschi discusses his views on the second half of the year.
- While the global growth environment is strong today, there have been increasing signs recently that the economic recovery is now past its peak
- Credit spreads are close to record lows, with relatively long duration. High yield and emerging market bonds with shorter duration have a more attractive starting position and remain supported by a robust growth environment.
- We remain overweight in high yield bonds in our portfolios
- On a regional level, we favour emerging market equities, which still have catch-up potential