CIO Memoportfolio insights

13 July 2021

From sprint to crawl

In brief

  • After an extraordinary 1H2021 high, the next half of the year will be a lot more sobering following on from the glut created by an expansionary monetary policy, with the sprint slowing to a crawl as we approach the end of the year.
  • Our thinking continues to be shaped by the pandemic and the anticipated subsequent economic rebound on the wheels of global monetary easing.
  • Consequently, our default setting as a safety-first money manager is to ponder over what could go wrong, rather than what could go right. At IC Asset Managers, we hold the view that you are set up for a win if you can handle what could go amiss.
  • With that caveat in place, three themes will occupy the attention of today’s investors
    1. Uncertain vaccine supply could shift the pandemic from a humanitarian crisis to only a poor man’s problem
    2. Tightening liquidity taps could leave investors parched
    3. Rebalancing of global risk themes underpins a choppy market

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