12th May 2022
Ready for a Hard Landing?
The environment for risk assets remains difficult. We are therefore maintaining our cautious positioning and have further reduced the risk in our multi-asset portfolios. Despite the sharp setbacks in various asset classes, we do not yet see any major opportunities. High inflation, rising interest rates and an emerging slowdown in growth are weighing on risk assets. We maintain an overweight in cash to preserve a high degree of flexibility. Due to the high volatility, there are likely to be good market opportunities again and again, which we intend to exploit consistently in our portfolios.