Marktkommentar

Partner and Portfolio Manager Chris Bowie discusses recent Q1 events and gives an outlook for Investment Grade for the next quarter.

The short answer is no. But following the collapse of Silicon Valley Bank and the Credit Suisse shake-up, markets are indeed behaving like all bets are off. However, inflation is still up and a hard landing has become more probable. Time for a quick reality check.

Der Kollaps der Silicon Valley Bank beherrscht derzeit die Schlagzeilen und wirft bei vielen Anlegern Fragen auf. Mario Montagnani erklärt, warum unsere Multi Asset Boutique das Ereignis für einen unternehmensspezifischen Einzelfall hält.

Inflation may be like gum on your shoe – annoying and, above all, hard to remove. Sticky inflation is a scenario that has been in the cards for quite a while already but now seems to receive more weight as a probable outcome. There are six reasons for this display of stubbornness which may disappoint those who thought inflation would come off easily.

Right now, long-dated bonds seem like a freshwater fountain in the desert to income-starved investors. However, the question of whether these bonds can prove their value beyond being a mere opportunistic tactical play heavily depends on this year’s tightrope walk between inflation and growth.

TwentyFour AM portfolio manager Jack Daley discusses Q4 performance for Investment Grade markets and provides his outlook for 2023.

TwentyFour Portfolio Manager, Pierre Beniguel, discusses recent market developments in Q4 2022 and provides his outlook for the year ahead.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.

The yield curve and our models point to a high probability of recession. But how severe will the U.S. recession be? To answer this question, we exploit historical data to examine the impact of the tightening cycle on GDP growth. The results show that investors should exercise caution in 2023.

As financial markets digest the harsh reality of an inflation-induced rate hiking cycle this year, 2023 is likely to be a period of adjustment to new conditions requiring fresh approaches to asset allocation and portfolio construction. This outlook outlines the essentials that investors should know to reap the potential of profoundly altered markets.

The Politburo, the top decision-making body of the Chinese Communist Party, announced last week a document focusing on the country’s economic growth in 2023. Meanwhile, the Chinese government also started to exit its zero-Covid-policy, much sooner than anticipated. These intentions signal an earlier-than-expected recovery of the Chinese economy.

Weltweit zeichnen sich zwei starke Trends ab, welche die Nachfrage nach Infrastrukturlösungen erhöhen: Das Bevölkerungswachstum und die Verbesserung der Lebensbedingungen.